On January 1,2017,Bogie Corporation had 40,000 common shares outstanding issued at $16 each during 2016.On June 1,2017,Bogie Corporation issued 5,000 shares of its common shares at $15 per share.On September 30,2017,Bogie Corporation repurchased 3,000 shares of its common shares for $17 per share.On November 30,2017,Bogie Corporation reissued 2,000 shares of repurchased shares at $18 per share.The balance in Share Capital on December 31,2017,as shown on the statement of shareholders' equity,is:

Question

Quizplus · Accepted Answer

The balance in Share Capital is calculated as follows:  - Initial shares: 40,000 shares x $16 = $640,000  - Issued shares on June 1: 5,000 shares x $15 = $75,000  Total Share Capital = $640,000 + $75,000 = $715,000  Repurchase and reissue of shares do not affect Share Capital as they are treasury stock transactions. Therefore, the balance remains $715,000. However, the correct choice is $700,000, indicating a possible error in the problem statement or choices.

On January 1,2017,Bogie Corporation Had 40,000 Common Shares Outstanding Issued