On January 1, 2020, Bogie Corporation Had 40,000 Common Shares

question 15

Multiple Choice

On January 1, 2020, Bogie Corporation had 40,000 common shares outstanding issued at $16 each during 2020. On June 1, 2020, Bogie Corporation issued 5,000 shares of its common shares at $15 per share. On September 30, 2020, Bogie Corporation repurchased 3,000 shares of its common shares for $17 per share. On November 30, 2020, Bogie Corporation reissued 2,000 shares of repurchased shares at $18 per share. The balance in Share Capital on December 31, 2020, as shown on the statement of shareholders' equity, is:

• A) $703,333
• B) $700,000
• C) $640,000
• D) $756,000

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Definitions:

Valid

Accurately reflecting the truth or reality, often used in the context of arguments, research, or data.

Reliable

A term describing something or someone that consistently performs well or can be trusted to deliver accurate results or outcomes.

Verifiable

Capable of being tested and proven as true or accurate.

Inductive Logic

A method of reasoning in which general principles are derived from specific observations, moving from particular instances to broader generalizations.