What amount should illini report as paid-in capital

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Reference no: EM132951438

Question: The corporate charter of Illini Inc. authorized the issuance of 10 million, $1 par common shares. During 2018, its first year of operations, Illini had the following transactions:

January 1 sold 8 million shares at $15 per shareJune 3 purchased 2 million shares at $18 per share and held them as treasury stockDecember 28 sold the 2 million shares of treasury stock at $20 per share

What amount should Illini report as paid-in capital (including additional paid-in capital and PIC-share repurchase) in its December 31, 2018, balance sheet?

Reference no: EM132951438

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