Poe Company thought its common stock was undervalued in 2024. Poe originally issued 50 million shares of
Question:
Poe Company thought its common stock was undervalued in 2024. Poe originally issued 50 million shares of its $1 par common stock for $18 / share several years ago. Although its Board of Directors was worried about the impact of treasury stock transactions on earnings per share, Poe completed the following treasury stock transactions in 2024:
January 2: Reacquired 10 million shares for $15.00 per share.
February 15: Reissued 1 million treasury shares for $19.50 per share.
September 20: Reissued 3 million treasury shares for $14.50 per share.
October 10: Reissued 2 million treasury shares for $16.00 per share.
What is the balance in the paid-in capital from treasury stock account after all of the above transactions are completed? Provide a dollar amount and, if non-zero, circle debit or credit.
$___________ Debit Credit
Expert Answer:
