A corporation has the following account balances: Common Stock, $1 par value, $80,000; Paid-in Capital in Excess of Par Value, $2,700,000.Based on this information, the
A)legal capital is $2,780,000.
B)number of shares issued is 80,000.
C)number of shares outstanding is 2,780,000.
D)average price per share issued is $3.48.

Question

Quizplus · Accepted Answer

The number of shares issued is calculated by dividing the Common Stock balance by the par value per share: $80,000 / $1 = 80,000 shares.

A Corporation Has the Following Account Balances: Common Stock, $1