Surblup Corp.'s certificate of incorporation permits the issuance of a maximum of 3,000,000 common shares of $1 par value. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. He later acquired 30,000 of these shares as treasury shares for $25 per share.

 Instructions Based on the above information, answer the following questions:

(a) How many shares were authorized?

b) How many shares were issued?

(c) How many shares are outstanding?

d) What is the balance of the common stock account?

(e) What is the balance of the checking account?

Answer rating: 100% (QA)

a Number of shares authorized 3000000 shares b Number of shares issued 2200000 shares c Number of s... View the full answer