On January 1, 2019, Fitbit goes public and issues 50 million shares at $20 per share. Fitbit had 200 million shares prior to going public and the book value of the common stock & additional paid in capital was $500 million. On January 1, 2020, Fitbit shares are trading at $45 per share and, for the first time ever, Fitbit buys back 20 million shares. What is the January 1, 2020 balance of common stock & APIC?

On January 1, 2019, Fitbit goes public and issues 50 million shares at $20 per share. Fitbit had 200 million shares prior to going public and the book value of the common stock & additional paid in capital was $500 million. On January 1, 2020, Fitbit shares are trading at $45 per share and, for the first time ever, Fitbit buys back 20 million shares. What is the January 1, 2020 balance of common stock & APIC?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...

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