6) Razzleberry Corporation was established on July 1, 2007. The corporate charte

Question

6) Razzleberry Corporation was established on July 1, 2007. The corporate charter authorized Razzleberry to sell 1,0q shares of $5 par value common stock As of December 31, 2007, Razzleberry had issued 545,367 shares of common Stock at an average price of $12. In addition, Razzleberry had 131,667 shares of treasury stock which it acquired at an averoqe price of $7 per share. (9 points) Required Based on the information above: a. The balance sheet would show how many authorized, issued and outstanding shares of common stock there aite? b. What would be the amounts reported on the balance sheet for common stock, additional paid in capital and treasury stock?

Explanation / Answer

a) Calculate shares :

b) Calculate following :

Authorised shares 1000000 shares Issued shares 545367 shares Outstanding shares (545367-131667) 413700 shares

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