Shown below is information relating to the stockholders\' equity of Brookdale Co

Question

Shown below is information relating to the stockholders' equity of Brookdale Corporation at December 31, 2010:

10% cumulative preferred stock, $150 par,
130,000 shares authorized, 13,000 shares issued 1,950,000
Common stock, $1.50 par, 1,000,000 shares authorized, 600,000
shares issued (of which 60,000 are held in treasury) 900,000
Additional paid-in capital: preferred stock 390,000
Additional paid-in capital: common stock 1,200,000
Additional paid-in capital: treasury stock transactions 270,000
Treasury stock (at cost: 60,000 common shares) (18,000,000)
Retained earnings 1,500,000

How many shares of common stock are outstanding?
660,000.
540,000.
Some other number.
600,000.

Explanation / Answer

$600,000 - 60,000 = 540,000 outstanding / 1.50 par = 360,000 shares outstanding So some other number

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