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May 29th, 2020

The corporate charter of Sheridan Company allows the issuance of a maximum of 4,500,000 shares of $1 par value common stock. During its first three years of operation, David issued 2,680,000 shares at $14 per share. It later acquired 78,000 of these shares as treasury stock for $22 per share. Based on the above information, answer the following questions:

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Your answer is correct. How many shares were authorized? Authorised shares 4.500,000 shares e Textbook and Media Your answer is correct. How many shares were issued? Shares issued 2.680.000 shares e Textbook and Media Your answer is correct. How many shares are outstanding? Outstanding shares 2602000 shares e Textbook and Media X Your answer is incorrect. What is the balance of the Common Stock account? Balance of the Common Stock account $ 57244000 e Textbook and Media X Your answer is incorrect. eTextbook and Media X Your answer is incorrect. What is the balance of the Treasury Stock account? Balance of the Treasury Stock account $ e Textbook and Media Attempts: 2 of Save for Later Assignment sent to Gradebook. Your grade is being recorded. Frl. Apr 3. 2020, 11:41:19 AM America/New York-04:00) W 9

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