Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Waterport sold 251,100 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2019, Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares. Required: Determine the number of issued and outstanding shares at December 31, 2019.
Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Waterport sold 251,100 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2019, Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares. Required: Determine the number of issued and outstanding shares at December 31, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting for Shares
Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Waterport sold 251,100 shares and reacquired 1,650 of those shares. The reacquired shares were held as
Required:
Determine the number of issued and outstanding shares at December 31, 2019.
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