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What is the total amount of additional paid-in capital

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Question - Percy Corporation was organized on January 1, 2021, with an authorization of 1,200,000 shares of common stock with a par value of $6 per share. During 2021, the corporation had the following capital transactions:

January 5 issued 600,000 shares @ $10 per share

July 28 purchased 80,000 shares @ $11 per share

December 31 sold the 80,000 shares held in treasury @ $18 per share

Percy used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of additional paid-in capital as of January 5, 2021?

a. $0

b. $1,840,000

c. $2,400,000

d. $2,960,000

Reference no: EM132609966

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