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The corporate charter of Cedar, Inc. authorized the issuance of 40 million, $1 par common shares. During 2024, its first year of operations, Cedar had the following transactions: January 2, 2024 Sold 15 million shares at $7 per share September 12, 2024 Reacquired 4 million treasury shares at $6 per share December 18, 2024 Resold 3 million treasury shares at $10 per share What amount should Cedar report as additional paid-in capital in its December 31, 2024, balance sheet? O $102 million O $105 million O $99 million O $95 million

The corporate charter of Cedar, Inc. authorized the issuance of 40 million, $1 par common shares. During 2024, its first year of operations, Cedar had the following transactions: January 2, 2024 Sold 15 million shares at $7 per share September 12, 2024 Reacquired 4 million treasury shares at $6 per share December 18, 2024 Resold 3 million treasury shares at $10 per share What amount should Cedar report as additional paid-in capital in its December 31, 2024, balance sheet? O $102 million O $105 million O $99 million O $95 million

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The corporate charter of Cedar, Inc. authorized the issuance of 40 million, $1 par common shares. During 2024, its first year of operations, Cedar had the following transactions: January 2, 2024 Sold 15 million shares at $7 per share September 12, 2024 Reacquired 4 million treasury shares at $6 per share December 18, 2024 Resold 3 million treasury shares at $10 per share What amount should Cedar report as additional paid-in capital in its December 31, 2024, balance sheet? O $102 million O $105 million O $99 million O $95 million
Transcribed Image Text:The corporate charter of Cedar, Inc. authorized the issuance of 40 million, $1 par common shares. During 2024, its first year of operations, Cedar had the following transactions: January 2, 2024 Sold 15 million shares at $7 per share September 12, 2024 Reacquired 4 million treasury shares at $6 per share December 18, 2024 Resold 3 million treasury shares at $10 per share What amount should Cedar report as additional paid-in capital in its December 31, 2024, balance sheet? O $102 million O $105 million O $99 million O $95 million
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