QUESTION 6 Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1 par value common stock. During 2019, Tolkin had the following common stock transactions: Jan. 4: Issued 300,000 shares @ $8 per share. Apr. 8: Issued 100,000 shares @ $6 per share. July 29: Purchased 90,000 shares (treasury) @ $7 per share. Oct. 18: Sold 60,000 shares held in treasury @ $9 per share. Dec. 31: Sold 30,000 shares held in treasury @ $6 per share. Tolkin had no other transactions affecting paid-in capital. At December 31, 2019, what is the total amount of contributed capital (also referred to as paid-in capital)? A. $3,120,000 B. $3,090,000 C. $2,660,000 D. $2,720,000
QUESTION 6
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Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1 par value common stock. During 2019, Tolkin had the following common stock transactions:
Jan. 4: Issued 300,000 shares @ $8 per share.
Apr. 8: Issued 100,000 shares @ $6 per share.
July 29: Purchased 90,000 shares (treasury) @ $7 per share.
Oct. 18: Sold 60,000 shares held in treasury @ $9 per share.
Dec. 31: Sold 30,000 shares held in treasury @ $6 per share.
Tolkin had no other transactions affecting paid-in capital. At December 31, 2019, what is the total amount of contributed capital (also referred to as paid-in capital)?
A. $3,120,000
B. $3,090,000
C. $2,660,000
D. $2,720,000
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