The balance sheet of Chunn Industries included the following shareholders’ equity section at December 31, 2018 ($ in millions): Common stock ($1 par value, authorized 100M shares, issued and outstanding 90M shares) $ 90 Paid-in capital—excess of par 540 Retained earnings 280 Total shareholders’ equity $910 On January 5, 2019, Chunn purchased and retired 1 million shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capital—excess of par and retained earnings accounts are:
The balance sheet of Chunn Industries included the following shareholders’ equity section at December 31, 2018 ($ in millions): Common stock ($1 par value, authorized 100M shares, issued and outstanding 90M shares) $ 90 Paid-in capital—excess of par 540 Retained earnings 280 Total shareholders’ equity $910 On January 5, 2019, Chunn purchased and retired 1 million shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capital—excess of par and retained earnings accounts are:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The
|
Common stock ($1 par value, authorized 100M shares, issued and outstanding 90M shares) |
$ 90 |
|
Paid-in capital—excess of par |
540 |
|
|
280 |
|
Total shareholders’ equity |
$910 |
On January 5, 2019, Chunn purchased and retired 1 million shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capital—excess of par and retained earnings accounts are:
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