The corporate charter of Gregory Corporation allows the issuance of a maximum of 2,500,000 ordinary shares with a $1 par value. During its first three years of operation, Gregory issued 1,500,000 shares at $15 per share. It later acquired 30,000 treasury shares for $25 per share.
Instructions
Based on the above information, answer the following questions:
(a) How many shares were authorized?
(b) How many shares were issued?
(c) How many shares are outstanding?
(d) What is the balance of the Share Capital-Ordinary account?
(e) What is the balance of the Treasury Shares account?

Question

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The Answer of The corporate charter of Gregory Corporation allows the issuance of a maximum of 2,500,000 ordinary shares with a $1 par value. During its first three years of operation, Gregory issued 1,500,000 shares at $15 per share. It later acquired 30,000 treasury shares for $25 per share.
Instructions
Based on the above information, answer the following questions:
(a) How many shares were authorized?
(b) How many shares were issued?
(c) How many shares are outstanding?
(d) What is the balance of the Share Capital-Ordinary account?
(e) What is the balance of the Treasury Shares account?

The Corporate Charter of Gregory Corporation Allows the Issuance of a Maximum