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What is the balance of the common stock account

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Reference no: EM132991379

Question - Tsong Go Corporation allows the issuance of a maximum of 4,000,000 shares of P1 par value common stock. During its first three years of operation, Torres issued 2,080,000 shares at P15 per share. It later acquired 80,000 of these shares as treasury stock for P25 per share.

Based on the above information:

(a) How many shares were authorized?

(b) How many shares were issued?

(c) How many shares are outstanding?

(d) What is the balance of the Common Stock account?

(e) What is the balance of the Treasury Stock account?

Reference no: EM132991379

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