On January 1, 2019, Fitbit goes public and issues 50 million shares at $20 per share. Fitbit had 200 million shares prior to going public and the book value of the common stock & additional paid in capital was $500 million. On January 1, 2020, Fitbit shares are trading at $45 per share and, for the first time ever, Fitbit buys back 20 million shares. What is the January 1, 2020 balance of common stock & APIC?

On January 1, 2019, Fitbit goes public and issues 50 million shares at $20 per share. Fitbit had 200 million shares prior to going public and the book value of the common stock & additional paid in capital was $500 million. On January 1, 2020, Fitbit shares are trading at $45 per share and, for the first time ever, Fitbit buys back 20 million shares. What is the January 1, 2020 balance of common stock & APIC?

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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