Percy Corporation was organized on January 1, 2010, with an authorization of 1,2

Question

Percy Corporation was organized on January 1, 2010, with an authorization of 1,200,000 shares of common stock with a par value of $6 per share. During 2010, the corporation had the following capital transactions:

January 5 issued 675,000 shares @ $10 per share
July 28 purchased 90,000 shares @ $11 per share
December 31 sold the 90,000 shares held in treasury @ $18 per share

Percy used the cost method to record the purchase and resistance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2010?

A) 0
B) 2,070,000
C) 2,700,000
D) 3,330,000

Explanation / Answer

C) 2,700,000

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