Sizzy Company was authorized to issue share capital of 100,000 shares with USD50 par value on January 1, 2010. Eighty thousand shares were sold during the first year at USD50 per share and 4,000 shares were later reacquired as treasury at USD65 per share. A share split proper of 5 for 1 was approved on December 31, 2010. On January 31, 2011, a 10% stock dividend was declared and issued and on April 1, 2011, the treasury shares were reissued at USD68 per share. What is the number of shares issued and outstanding on April 1, 2011?

Sizzy Company was authorized to issue share capital of 100,000 shares with USD50 par value on January 1, 2010. Eighty thousand shares were sold during the first year at USD50 per share and 4,000 shares were later reacquired as treasury at USD65 per share. A share split proper of 5 for 1 was approved on December 31, 2010. On January 31, 2011, a 10% stock dividend was declared and issued and on April 1, 2011, the treasury shares were reissued at USD68 per share. What is the number of shares issued and outstanding on April 1, 2011?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6EB: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first...

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