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What is the amount of stockholders equity at december

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Question - Harbottle Corporation was organized on January 3, 2011, with authorized capital of 100,000 shares of $10 par common stock. During 2011, Harbottle had the following transactions affecting stockholders' equity:

* January 7--Issued 40,000 shares at $12 per share

* December 2--Purchased 6,000 shares of treasury stock at $13 per share

The cost method was used to record the treasury stock transaction. Harbottle's net income for 2011 is $300,000. What is the amount of stockholders' equity at December 31, 2011?

a. $640,000

b. $702,000

c. $708,000

d. $720,000

Reference no: EM131796701

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