Multiple Choice Question 96 Coronado Corporation was organized on January 2, 201

Question

Multiple Choice Question 96 Coronado Corporation was organized on January 2, 2017. During 2017, Coronado issued 40000 shares at $24 per share, purchased 6000 shares of treasury stock at $26 per share, and had net income of $610000. What is the total amount of stockholders' equity at December 31, 2017? $1414000 $1450000 $1290000 $1426000 0 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: o of 1 used SAVE FOR LATER SUBMIT ANSWER Su de Va the $1 the the 10

Explanation / Answer

Issue of Shares = 40,000*24 = 960,000

Less: Buy Back of Shares 6000*24 = 144,000

Add: Net Income 610,000

Amount of Shareholders’ Equity = $1,426,000 i.e. d

Explanation:-

amount of stockholders equity = Issue of Shares + net income - purchased shares

= 960,000+610,000-144,000

= 1,426,000.

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