The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of $2 par value common stock. During its first three years of operation, Torres issued 7,080,000 shares at $20 per share. It later acquired 100,000 of these shares as treasury stock for $40 per share. What is the balance of the Common shares in ttotal?

The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of $2 par value common stock. During its first three years of operation, Torres issued 7,080,000 shares at $20 per share. It later acquired 100,000 of these shares as treasury stock for $40 per share. What is the balance of the Common shares in ttotal?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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