Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tolkin Corporation was organized on January 1, 2013, with an authorization of 5,000,000 shares of $1 par value common stock. During 2013, Tolkin had the

image text in transcribed

Tolkin Corporation was organized on January 1, 2013, with an authorization of 5,000,000 shares of $1 par value common stock. During 2013, Tolkin had the following common stock transactions: Jan. 4: Issued 300,000 shares @$8 per share. Apr. 8: Issued 100,000 shares @ $6 per share. July 29: Purchased 90,000 shares (treasury @ $7 per share. Oct. 18: Sold 60,000 shares held in treasury @ $9 per share. Dec. 31: Sold 30,000 shares held in treasury $6 per share. Tolkin had no other transactions affecting paid-in capital. At December 31, 2013, what is the total amount of paid-in capital? Select one: $3, 120,000 $3, 090,000 $2, 660,000 $2, 720,000 None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The New Yellow Book Government Auditing Standards

Authors: Rebecca A. Meyer

1st Edition

1119784638, 978-1119784630

More Books

Students also viewed these Accounting questions

Question

describe the main employment rights as stated in the law

Answered: 1 week ago