On January 1, 2008, Jeremiah Corporation had 40,000 of $12 par value common stoc

Question

On January 1, 2008, Jeremiah Corporation had 40,000 of $12 par value common stock outstanding. On June 1, 2008, Jeremiah Corporation issued 10,000 shares of its common stock at $17 per share. On November 30, 2008, Jeremiah Corporation acquired 6,000 shares of Treasury Stock for $17 per share. The balance in Common Stock on December 31, 2004, as shown on the Statement of Stockholders’ Equity is: 1) $480,000
2) $170,000
3) $600,000
4) $650,000
please show work and number one is the wrong answer (480,000)

Explanation / Answer

Jan 01 40,000 480,000 June 01 10,000 170,000 Total 50,000 650,000 Hence the correct answer is 4) $650,000

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