On December 31,2012,Bugler Travel Inc.had 450,000 shares of no-par common stock issued and outstanding.All shares were sold for $7.50.On June 30,2013,Bugler issued an additional 135,000 shares for $7 per share.The 2013 income was $319,200.On September 1,2012,a 15 percent stock dividend was issued to all common shareholders.On October 1,2014,60,000 shares were reacquired as treasury shares.Net income in 2014 was $278,063.

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The Answer of On December 31,2012,Bugler Travel Inc.had 450,000 shares of no-par common stock issued and outstanding.All shares were sold for $7.50.On June 30,2013,Bugler issued an additional 135,000 shares for $7 per share.The 2013 income was $319,200.On September 1,2012,a 15 percent stock dividend was issued to all common shareholders.On October 1,2014,60,000 shares were reacquired as treasury shares.Net income in 2014 was $278,063.