The corporate charter of CD, Incorporated authorized the issuance of 6 million, $1 par common shares. During 2024, its first year of operations, CD had the following transactions: February 4 sold 4 million shares at $15 per share October 12 purchased 1
The corporate charter of CD, Incorporated authorized the issuance of 6 million, $1 par common shares. During 2024, its first year of operations, CD had the following transactions:
February 4 sold 4 million shares at $15 per share
October 12 purchased 1 million treasury shares at $18 per share
December 30 resold the 1 million treasury shares at $20 per share
What amount should CD report as additional paid-in capital in its December 31, 2024, balance sheet?
Homework Answers
Febuary 4: 4 million*14 shares (15 shares -1 par)= 56
Oct 12: no impact
Dec 30: 1 million* 2 shares (20-18) = 2 million
56+2= 58 million answer
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