Following is information about ‘I’raniCo before several stock transactions: Common Stock,… 1 answer below »

Problem 7) Following is information about ‘I’raniCo before several stock transactions:

Common Stock, SI 0 par. 100,000 shares authorized.

94,000 issued, 90,000 outstanding S 940.000 paid-In Capital in Excess of Par on Common Stock 416,000 Retained Earnings 1,500,000 Less: Treasury Stock, 4000 shares 50.800 Total Stockholders Equity $2,805,200

(9)

Three stock transactions took place after the above account balances were recorded: There was a 4-for-I stock split. There was a 5% stock dividend. The Treasury Stock was sold for $62,000. After these three transactions are properly recorded, Find out the numbers of common shares authorized, issued, outstanding, and in treasury stock.

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