The corporate charter of Cullumber Corporation allows the issuance of a maximum of 4,300,000 shares of $1 par value common stock. During its first three years of operation, Cullumber issued 2,236,000 shares at $15 per share. It later acquired 86,000 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions: How many shares were authorized? Authorised shares eTextbook and Media How many shares were issued? Shares issued eTextbook and Media How many shares are outstanding? Outstanding shares shares shares shares

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The corporate charter of Cullumber Corporation allows the issuance of a maximum of 4,300,000 shares of $1 par value common stock. During its first three years of operation, Cullumber issued 2,236,000 shares at $15 per share. It later acquired 86,000 of these
shares as treasury stock for $25 per share.
Based on the above information, answer the following questions:
How many shares were authorized?
Authorised shares
eTextbook and Media
How many shares were issued?
Shares issued
eTextbook and Media
How many shares are outstanding?
Outstanding shares
shares
shares
shares
Transcribed Image Text:The corporate charter of Cullumber Corporation allows the issuance of a maximum of 4,300,000 shares of $1 par value common stock. During its first three years of operation, Cullumber issued 2,236,000 shares at $15 per share. It later acquired 86,000 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions: How many shares were authorized? Authorised shares eTextbook and Media How many shares were issued? Shares issued eTextbook and Media How many shares are outstanding? Outstanding shares shares shares shares
What is the balance of the Common Stock account?
Balance of the Common Stock account $
eTextbook and Media
What is the balance of the Treasury Stock account?
Balance of the Treasury Stock account $
Transcribed Image Text:What is the balance of the Common Stock account? Balance of the Common Stock account $ eTextbook and Media What is the balance of the Treasury Stock account? Balance of the Treasury Stock account $
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