Question

The stockholders’ equity section of Peter Corporation’s balance sheet at December 31, 2014, follows:
Common stock ($10 par value); authorized 1,000,000
shares, issued and outstanding 900,000 shares $ 9,000,000
Additional paid-in capital 2,700,000
Retained earnings 1,300,000
Total stockholders’ equity $13,000,000
On January 2, 2015, Peter purchased and retired 100,000 shares of its stock for $1,800,000.
Required:
What is the balance in the Additional paid-in capital and Retained earnings accounts immediately after the shares were retired?



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  • CreatedSeptember 10, 2014
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