Pember Corporation started business in 2007 by issuing 200,000 shares of $20 par common stock for $36 each. In 2012, 30,000 of these shares were purchased for $52 per share by Pember Corporation and held as treasury stock. On June 15, 2013, these 30,000 shares were exchanged for a piece of property that had an assessed value of $810,000. Perber's stock is actively traded and had a market price of $60 on June 15, 2013. The cost method is used to account for treasury stock. The amount of paid-in capital from treasury stock transactions resulting from the above events would be
a. $1,200,000. b. $720,000. c. $585,000. d. $240,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Pember Corporation started business in 2007 by issuing 200,000 shares of $20 par common stock for $36 each. In 2012, 30,000 of these shares ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Dealing with pressure is unimportant in today's business environment. True or False
Answers (1)
The ABC Corporation makes collections on sales according to the following schedule: 50% in month of sale 47% in month following sale 3% in second month following sale The following sales have been budgeted: Sales April $ 200,000 May $ 170,000 June $
Answers (1)
Suppose the marginal product of labor in the economy is given by MPN = 0.002 (16,000 - N), while the supply of labor is 1000 + 1000w. (a) Find the market-clearing real wage rate and level of employment.
Answers (1)
Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills is called ... a. frictional unemployment. b. the natural rate of unemployment. c. cyclical unemployment. d.
Answers (1)
Which of the following statements is MOST correct? A. Because the cost of debt is lower than the cost of equity, value-maximizing firms maintain debt ratios of close to 100%. B.
Answers (1)
New Questions in Business
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,500 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts.
Answers (1)
The following information describes a company's usage of direct labor in a recent period: Actual direct labor hours used 40 comma 000 Actual rate per hour $ 12.00 Standard rate per hour $ 11.
Answers (1)
As a result of the increase in malpractice insurance premiums, the concept of defensive medicine has been introduced which means that providers often order more tests and provide more services than necessary to protect themselves from malpractice
Answers (1)
Langhurst Company sold hardware for $12,000 cash and $18,000 of hardware to credit customers. Which of the following is the correct journal entry to record this transaction?
Answers (1)
Select either true or false for the following statements. 1. Relevant costs are also known as unavoidable costs 2. Incremental costs are also known as differential costs 3. An out-of-pocket cost requires a current and/or future outlay of cash. 4.
Answers (1)