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What is the reproted amount of the common stock

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Reference no: EM132814919

Prior to being united in a business combination taunton inc, and eubanks corp had the following stockholders' equity figures:

Taunton

Common stock ($1 par value) $240,000
APIC : $120,000
Retained Earnings $370,000

Eubanks

Common stock ($1 par value) $640,000
APIC : $30,000
Retained Earnings $14,000

taunton issued 62,000 new shares of its common stock valued at $2.75/share for all of the outstanding stock of Eubanks.

Problem 1: Assume that taunton acquired Eubanks on 1/1/2020. Immediately afterwards what is the reproted amount of the common stock?

Option 1: 240,000
Option 2: 302,000
Option 3: 304,000
Option 4: 336,000
Option 5: 410,500

Reference no: EM132814919

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