Question
Upon submitting its corporate charter to the state, Super Zip-line was granted permission to issue 5,000 shares of $0.30 par value common stock. Net income
Upon submitting its corporate charter to the state, Super Zip-line was granted permission to issue 5,000 shares of $0.30 par value common stock. Net income for the year for Super Zip-line was $82,000. In addition, the following transactions took place during the year:
January 2: | Investors paid Super Zip-line $7 each for 2,100 shares of common stock. |
March 12: | Super Zip-line purchases 500 shares of its own common stock for $6.50 per share. |
October 31: | Super Zip-line declared a 2-for-1 forward stock split. |
As of December 31, show work for how many shares are issued, and how many shares are outstanding.
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