Question: On January 1 , 2 0 2 2 , the stockholders' equity section of Flounder Corporation shows common stock ( $ 7 par value )

On January 1,2022, the stockholders' equity section of Flounder Corporation shows

On January 1,2022, the stockholders' equity section of Flounder Corporation shows common stock ($7 par value) $2,100,000; paid- in capital in excess of par $1,010,000; and retained earnings $1,190,000. During the ycar, the following treasury stock transactions occurred.
Mar. 1 Purchased 49,000 shares for cash at $15 per share.
July 1 Sold 11,500 treasury shares for cash at $17 per share.
Sept. 1 Sold 10,500 treasury shares for cash at $14 per share.
common stock ($7 par value) $2,100,000; paid- in capital in excess of

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