: https/Feduc n Assignment 1 e CALCULATOR MESSAGE MY INSTRUCTOR FULLSCREEN PR?NT

Question

: https/Feduc n Assignment 1 e CALCULATOR MESSAGE MY INSTRUCTOR FULLSCREEN PR?NTERVIRSION BACK URCES Additional Exercise 277 and The corporate charter of Martin Corporation allows the issuance of a maximum of 4,000,000 shares of $1 par value common stock. During its first three years of operation, Martin issued 3,200,000 shares at s15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share. ity ise 262 ise 278 Based on the above information, answer the following questions: How many shares were authorized? Authorised shares cise 29 cise 299 shares How many shares were issued? by Study Shares issued shares How many shares are outstanding? Outstanding shares shares What is the balance of the Common Stock account? Balance of the Common Stock account PrivacyPolicy I 0.20002018 John Y?lev ? Sons"Inc. An Rights Reserved. A Division of Johnn1eAsons. Inc. Version 4.24 ment I e here to search DOLL

Explanation / Answer

(a) How many shares were authorized?

Solution: 4,000,000 shares are authorized

Working: Company allows the issuance of a maximum of 4,000,000

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(b) How many shares were issued?

Solution: 3,200,000 shares are issued

Working: issued 3,200,000 shares

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(c) How many shares are outstanding?

Solution: 3,170,000 shares are outstanding

Working: 3,200,000 - 30,000 = 3,170,000

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(d) What is the balance of the Common Stock account?

Solution: $3,200,000

Working: $1 * 3,200,000 shares = $3,200,000

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(e) What is the balance of the Treasury Stock account?

Solution: $750,000

Working: $25 * 30,000 shares = $750,000

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