The corporate charter of Maine Yacht Corporation allows the issuance of a maximu

Question

The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share.

Based on the above information, answer the following questions:

The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share.

Based on the above information, answer the following questions:

Explanation / Answer

Authorized shares 3,000,000 shares shares issued 2,200,000 shares outstanding shares 2,170,000 shares (2,200,000-30,00shares) Balance of the common stock 33000000 (2,200,000 shares*$15 per share) Balance of the Treasury stock 750000 (30,000 shares *$25 per share)

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