Homework Unanswered Due Today, 6:00 PMJanuary 1, 2012 - Company issues $10,000,000 of no par common shares at $10 each.DR. Cash $10,000,000CR. Common shares $10,000,000January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were noother capital transactions and the company had not paid any dividends.How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not roundintermediary answers. Do not use $ signs in your final answer.Type your numeric answer and submitUnansweredSubmitF12}^6YHNF6MacBook AirF7&7UJM* 008KDIIF8(9OF9L)O.4F10PM4F11{[7+ 11=]de

The contributed surplus is defined as the amount of capital that is collected from the shares that…

Answered: January 1, 2012 - Company issues…

January 1, 2012 - Company issues $10,000,000 of no par common shares at $10 each. DR. Cash $10,000,000 CR. Common shares $10,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Homework Unanswered Due Today, 6:00 PM
January 1, 2012 - Company issues $10,000,000 of no par common shares at $10 each.
DR. Cash $10,000,000
CR. Common shares $10,000,000
January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were no
other capital transactions and the company had not paid any dividends.
How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not round
intermediary answers. Do not use $ signs in your final answer.
Type your numeric answer and submit
Unanswered
Submit
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