No other stock transactions occurred during 2010. assuming, Ask an Expert

Accounting

Sosa Co.'s stockholders' equity at January 1, 2010 is as follows:

Common stock, $10 par value; authorized 300,000 shares;

Outstanding 225,000 shares

$2,250,000
Paid-in capital in excess of par

900,000
Retained earnings

2,190,000

Total

$5,340,000

During 2010, Sosa had the following stock transactions:

Acquired 6,000 shares of its stock for $270,000.
Sold 3,600 treasury shares at $50 a share.
Sold the remaining treasury shares at $41 per share.

No other stock transactions occurred during 2010. Assuming Sosa uses the cost method to record treasury stock transactions, what is the total amount of all additional paid-in capital accounts at December 31, 2010 ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M974041

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