The following selected transactions pertain to L. Lewis Corporation:
Jan.3Issued 100,000 shares, $10 par value, common stock for $25 per share.
Feb.10Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. L. Lewis Corporation's common stock has been actively traded on the stock exchange at $30 per share.
Journalize the transactions.
The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Maine issued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share.
Based on the above information, answer the following questions:
(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?