RKJ Company Has Provided the Following Information

question 131

Multiple Choice

RKJ Company has provided the following information:
• 100,000 shares of $5 par value common stock are authorized
• 70,000 shares have been issued
• 65,000 shares are outstanding
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The 70,000 shares of issued common stock were issued for $9 per share.
Which of the following statements is correct?

• A)Common stock is reported at $630,000 on the balance sheet.
• B)Additional paid-in capital is reported at $260,000 on the balance sheet.
• C)Common stock is reported at $350,000 on the balance sheet.
• D)Treasury stock is reported at $45,000 on the balance sheet.

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