The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3000000 shares of $1 par value common stock. During its first three years of operation Maine issued 2200000 shares at $15 per share. It later acquired 30000 of these shares as treasury stock 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 Common Stock account?
(e) What is the balance of the Treasury Stock account?

Question

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The Answer of The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3000000 shares of $1 par value common stock. During its first three years of operation Maine issued 2200000 shares at $15 per share. It later acquired 30000 of these shares as treasury stock 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 Common Stock account?
(e) What is the balance of the Treasury Stock account?

The Corporate Charter of Maine Yacht Corporation Allows the Issuance