Reference no: EM131969760

Question - The corporate charter of Big Blue Tent Co. authorized the issuance of 6 million, $1 par common shares. During 2006, its first year of operations, Big Blue had the following transactions:

February 4 sold 4 million shares at $15 per share

October 12 retired 1 million shares at $18 per share

December 30 sold the 1 million shares at $20 per share

What amount should Big Blue report as additional paid-in capital in its December 31, 2006, balance sheet?

(A) $37 million

(B) $56 million

(C) $58 million

(D) $61 million