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Toys-4-U Company is authorized to sell 20,000,000 shares of $1 par value common stock. So far, Toys-4-U has sold 8,000,000 shares for a total of
Toys-4-U Company is authorized to sell 20,000,000 shares of $1 par value common stock. So far, Toys-4-U has sold 8,000,000 shares for a total of $20,000,000. In addition, the company recently purchased 1,000,000 shares of their own stock for $2,250,000. Toys-4-U's Retained Earnings balance is $13,000,000 at the end of the period. In the Stockholders' Equity section of the Balance Sheet, what amount should be reported as Additional-Paid-in-Capital? $16,000,000 $20,000,000 $10,500,000 $12,000,000
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