On January 1, an entity issues 50,000 shares of $10 par value common stock for $18 per share. On October 1, the entity repurchased 15,000 of the above shares at $17 per share. Assuming that the company reissued all of the repurchased shares at $23 per share on December 31, what is the net balance in the additional paid-in capital-common stock account on December 31 if the par value (legal) method is used for the above stock transactions? O $280,000 O S400,000 O $475,000 O $595,000
On January 1, an entity issues 50,000 shares of $10 par value common stock for $18 per share. On October 1, the entity repurchased 15,000 of the above shares at $17 per share. Assuming that the company reissued all of the repurchased shares at $23 per share on December 31, what is the net balance in the additional paid-in capital-common stock account on December 31 if the par value (legal) method is used for the above stock transactions? O $280,000 O S400,000 O $475,000 O $595,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, an entity issues 50,000 shares of $10 par value common stock for $18 per share. On October 1, the entity
repurchased 15,000 of the above shares at $17 per share. Assuming that the company reissued all of the repurchased shares at
$23 per share on December 31, what is the net balance in the additional paid-in capital-common stock account on December
31 if the par value (legal) method is used for the above stock transactions?
O $280,000
O $400,000
O $475,000
O $595,000
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