ABC Corporation's charter authorized 120,000 shares of common stock, par $10. During the first year, 25,000 shares

Fantastic news! We've Found the answer you've been seeking!

Question:

ABC Corporation\'s charter authorized 120,000 shares of common stock, par $10. During the first year, 25,000 shares were sold and issued at $18 per share; in addition, 800 shares were subscribed for at the same price. One half

of the subscription price was collected during the year. At the end of the first year, reported net income was $22,000 and cash dividends of $6,000 were declared and paid. At year-end, liabilities amounted to $25,000. On the last

day of the year, 100 shares of stock were purchased from a disgruntled stockholder at $22 per share (assume the cost method). At year end, what is the total amount of the company\'s total stockholders\' equity? 480,400 478,

200 455.400 472,200