Chapter 18 HW Chegg Stue connect Intermediate Accounting 302: ACCT 302 01 Fall 2

Question

Chapter 18 HW Chegg Stue connect Intermediate Accounting 302: ACCT 302 01 Fall 2017 ACCOUNTING Chapter 18 HW Question 20 (of 25) 20. 10.00 points In previous years, Cox Transport reacquired 3 milion treasury shares at $25 per share and, later, 2 million treasury shares at $30 per share. By what amount will Cox's paid-in capital -share repurchase increase if it now sells 3 million treasury hares at $33 per share and determines cost as the weighted-average cost of treasury shares? (Enter your answer in millions (10,000,000 should be entered as 10).) 24 million ¢ 3 4 5 Q WE tab

Explanation / Answer

Ref Account Debit Credit Working 1 Cash         1,80,00,000 2M*9 Common stock            20,00,000 2M*1 Additional paid in captial common stock         1,60,00,000 2M*8 [2 million common stock issued] 2 Legal services expense               3,42,000 38000*9 Common stock                  38,000 38000*1 Additional paid in captial common stock               3,04,000 38000*8 [38000 common stock issued for services recorded at fair value] 3 Cash            10,30,000 Common stock                  78,000 78000*1 Additional paid in captial common stock               6,24,000 78000*8 Preferred stock               2,75,000 5500*50 Additional paid in captial Prefrred stock                  53,000 Balance figure 4 Equipment            37,35,000 415000*9 Common stock               4,15,000 415000*1 Additional paid in captial common stock            33,20,000 415000*8 [Asset acquired with stock recorded at fair value of stock issued]

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