The corporate charter of Martin Corporation allows the issuance of a maximum of 4,000, 000 shares of $1 par value common stock. During its first three years of operation, Martin issued 3,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share.
Required:
a. How many shares authorized?
b. How many shares were issued?
c. How many shares are outstanding?
d. What is the balance of the Common Stock account?
e. What is the balance of the Treasury Stock account?
Answers: 1
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The corporate charter of Martin Corporation allows the issuance of a maximum of 4,000, 000 shares of...
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