On March 31,2017,Park Place,Inc Assume That Park Place Sells 1,500 Shares of Treasury Stock

question 160

Multiple Choice

On March 31,2017,Park Place,Inc.shows the following data on its balance sheet: $$\begin{array} { | l | r | } \hline \text { Stockholders' Equity } & \\\hline \text { Common Stock, } \$ 1 \text { Par, 1,180,000 shares authorized } & \\\hline 240,000 \text { shares issued, 230,000 shares outstanding } & \$ 240,000 \\\hline \text { Paid-In Capital in Excess of Par-Common } & 2,560,000 \\\hline \text { Retained Earnings } & 4,790,000 \\\hline \text { Treasury stock, 15,000 shares at } \$ 40 & \underline { - 600,000 } \\\hline \text { Total Stockholder's Equity } & \$ 6,990,000 \\\hline\end{array}$$ Assume that Park Place sells 1,500 shares of treasury stock at $33 per share.What is total stockholders' equity after this transaction?

• A)$6,940,500
• B)$7,039,500
• C)$6,979,500
• D)$7,000,500

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