Concord Corporation was organized on January 1, 2021, with an authorization of 1270000 shares of common...
Concord Corporation was organized on January 1, 2021, with an
authorization of 1270000 shares of common stock with a par value of
$6 per share. During 2021, the corporation had the following
capital transactions:
| January 5 | issued 635000 shares @ $11 per share |
| July 28 | purchased 78000 shares @ $11 per share |
| December 31 | sold the 78000 shares held in treasury @ $18 per share |
Concord used the cost method to record the purchase and reissuance
of the treasury shares. What is the total amount of additional
paid-in capital as of December 31, 2021?
Homework Answers
Answer
· Required: Amount of additional paid in capital as of Dec 31, 2021
· Calculation:
>Paid in capital on stock issuance on Jan 5 = 635000 shares x
($11 - $ 6 par) = $ 3,175,000
>Paid in capital on stock re issuance on Dec 31 = 78000 shares x
($18 – 11 cost) = $ 546,000
· Total Amount of additional paid in
capital
= 3175000 + 546000
= $ 3,721,000 Answer
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