Eff Ltd. was organized on January 2, 2020, with 100,000 no par value common shares authorized. During 2020, Eff had the following capital transactions:

Jan 5 Issued 75,000 shares at $14 per share

Jul 27 Purchased and retired 5,000 shares at $10 per share

Nov 25 Issued 4,000 shares at $13 per share

What would be the balance in the Contributed Surplus account at December 31, 2020?

a) $ 0

b) $10,000

c) $20,000

d) $50,000

Answer rating: 100% (QA)

balance in the Contributed Surplus account at December 31 2017 shares retired ... View the full answer