On January 1,2017,Automatic Train Corporation had 30,000 common shares outstanding issued at $10 each.On June 1,2017,Automatic Train Corporation issued 12,000 shares of its common shares at $15 per share.On November 30,2017,Automatic Train Corporation repurchased 3,000 shares of its common shares for $17 per share.The balance in Common shares on December 31,2017,as shown on the statement of shareholders' equity,is:

Question

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The balance in Common shares is calculated as follows: Initial shares (30,000) at $10 = $300,000. Additional shares issued (12,000) at $15 = $180,000. Total = $480,000. The repurchase of shares does not affect the common shares balance; it affects treasury stock.

On January 1,2017,Automatic Train Corporation Had 30,000 Common Shares Outstanding