Lisgar Corporation\'s shareholders\' equity section at the beginning and end of

Question

Lisgar Corporation's shareholders' equity section at the beginning and end of 20x7 were as follows Common shares Retained Earnings Contributed Surplus - reacquisition of common shares Jan. 1, 20x7 $802651 513455 15523 Dec. 31,20x7 $765791 635964 The following transactions took place during the year: Issued 5000 common shares for $114673 cash Retired 10000 common shares Reported net income of $163014 for the year Feb. 20 August 1 Dec. 31 How much cash did Lisgar Co. receive on the August 1 retirement of common shares? Assume the company did not declare any dividends during the year. Select one O a. $207561 b. $151533 O c. $167056 O d. $56028

Explanation / Answer

Common shares opening bal 802651 Add: Common shares issued 114673 917324 Less: Ending balance 765791 Retirement of stock 151533 Option B $151533

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