Gertrudis Corporation has $10 par value Common Stock with 1,000,000 shares authorized, and a value of $7,000,000 before purchasing 3,000 shares of common stock. The resulting number of common shares issued and outstanding is:
A) 750,000 shares issued and 697,000 shares outstanding.
B) 750,000 shares issued and 747,000 shares outstanding.
C) 700,000 shares issued and 697,000 shares outstanding.
D) 700,000 shares issued and 747,000 shares outstanding.
Correct Answer:
Verified
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