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Shares Assignment | Custom Assignment Help

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September 6th, 2019

The corporate charter of Torres Corporation allows the issuance of a maximum of 4,000,000 shares of $1 par value common stock. During its first three years of operation, Torres issued 2,080,000 shares at $15 per share. It later acquired 80,000 of these shares as treasury stock for $25 per share.

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Instructions

Based on the above information, answer the following questions:

(a)  How many shares were authorized?

(b)  How many shares were issued?

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(c)  How many shares are outstanding?

(d)  What is the balance of the Common Stock account?

(e)  What is the balance of the Treasury Stock account?

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