Warren Corporation was organized on January 1, 20X1, with an authorization of 500,000 shares of common stock

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Warren Corporation was organized on January 1, 20X1, with an authorization of 500,000 shares of common stock ($5 par value per share). During 20X1, the company had the following capital transactions:

January 5 ............................. Issued 100,000 shares at $5 per share
April 6 .................................. Issued 50,000 shares at $7 per share
June 8 ................................... Issued 15,000 shares at $10 per share
July 28 .................................. Purchased 25,000 shares at $4 per share
December 31 ...................... Sold 25,000 shares held in treasury at $8 per share

Required:

What should be the balance in the Additional paid-in capital account at December 31, 20X1?

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Financial Reporting And Analysis

ISBN: 9781260247848

8th Edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Question Posted: Nov 13, 2020 01:32 AM

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Warren Corporation was organized on January 1, 20X1, with an authorization of 500,000 shares of common stock

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capital transactions are described in the following schedule Common Stock Accounts Ca...View the full answer

Financial Reporting And Analysis

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