FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Torre Company has the following account balances on December 31.
Common Stock, $5 par (60,000 shares issued)
Paid-In Capital in Excess of Par-Common Stock
Preferred Stock, $100 par (5,000 shares issued)
Paid-In Capital in Excess of Par-Preferred
Retained Earnings
Treasury Stock (cost, $12 per common share)
Answer the following questions:
a. How many shares of treasury stock are owned?
shares
$300,000
600,000
500,000
100,000
200,000
60,000
b. What was the average market price per share at which common stock was issued?
$
per share
c. What was the average market price per share at which preferred stock was issued?
$
per share
d. What is the total value of the paid-in capital portion of stockholders' equity?
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Transcribed Image Text:Torre Company has the following account balances on December 31. Common Stock, $5 par (60,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Preferred Stock, $100 par (5,000 shares issued) Paid-In Capital in Excess of Par-Preferred Retained Earnings Treasury Stock (cost, $12 per common share) Answer the following questions: a. How many shares of treasury stock are owned? shares $300,000 600,000 500,000 100,000 200,000 60,000 b. What was the average market price per share at which common stock was issued? $ per share c. What was the average market price per share at which preferred stock was issued? $ per share d. What is the total value of the paid-in capital portion of stockholders' equity?
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