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What is the balance of the additional paid in capital

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Question - Company X had the following recent common stock transactions pertaining to the same stock issuance:

In June of the prior year, Issued 500,000 new shares of $2 par value common stock at $18 per share. On January 1, repurchased $300,000 shares of common stock at $20 per share.

On December 31, reissued 150,000 shares of common stock at $21 per share.

If the company uses the par value (legal) method, what is the balance of the additional paid in capital- C/S account at December 31year-end (assume the retained earnings account is not used)?

a. $2,750,000

b. $5,000,000

c. $8,150,000

d. $5,450,000

Reference no: EM133080794

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