Accounting MCQ
Accounting Chapter 18
The corporate charter of CD, Inc. authorized the issuance of 6 million, $1 par common shares. During 2016, its first year of operations, CD had the following transactions: -Sold 4 million shares at $15 -Purchased 1 million treasury shares at $18 per share -resold the 1 million treasury shares at $20 What amount should CD report as additional paid-in capital in its December 31, 2016, balance sheet?
The corporate charter of CD, Inc. authorized the issuance of 6 million, $1 par common shares. During 2016, its first year of operations, CD had the following transactions: -Sold 4 million shares at $15 -Purchased 1 million treasury shares at $18 per share -resold the 1 million treasury shares at $20 What amount should CD report as additional paid-in capital in its December 31, 2016, balance sheet?
The corporate charter of CD, Inc. authorized the issuance of 6 million, $1 par common shares. During 2016, its first year of operations, CD had the following transactions:
-Sold 4 million shares at $15
-Purchased 1 million treasury shares at $18 per share
-resold the 1 million treasury shares at $20
What amount should CD report as additional paid-in capital in its December 31, 2016, balance sheet?
A) $37 million
B) $56 million
C) $58 million
D) $61 million
Answer: C
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