On December 31, year 1, Pack Corp.?s board of directors canceled 50,000 shares of $2.50 par value
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Question:
canceled 50,000 shares of $2.50 par value common stock held in
treasury at an average cost of $13 per share. Before recording the
cancellation of the treasury stock, Pack had the following balances
in its stockholders? equity accounts:
Common stock $540,000
Additional paid-in capital 750,000
Retained earnings 900,000
Treasury stock, at cost 650,000
In its balance sheet at December 31, year 1, Pack should report a
common stock balance of
$0
$250,000
$415,000
$540,000
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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