McKean Corporation authorized 500,000 common shares in its articles of incorporation. On May 1, 2022, 100,000 shares were sold to the company's founders. However, On October 15, 2022, McKean repurchased and cancelled 20,000 shares to settle a dispute among the founders. On October 15, 2022, how many shares were outstanding? a.500,000 b.100,000 c.80,000 d.120,000
McKean Corporation authorized 500,000 common shares in its articles of incorporation. On May 1, 2022, 100,000 shares were sold to the company's founders. However, On October 15, 2022, McKean repurchased and cancelled 20,000 shares to settle a dispute among the founders. On October 15, 2022, how many shares were outstanding? a.500,000 b.100,000 c.80,000 d.120,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4.
McKean Corporation authorized 500,000 common shares in its articles of incorporation. On May 1, 2022, 100,000 shares were sold to the company's founders. However, On October 15, 2022, McKean repurchased and cancelled 20,000 shares to settle a dispute among the founders. On October 15, 2022, how many shares were outstanding?
a.500,000
b.100,000
c.80,000
d.120,000
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