Company P Had 300,000 Shares of Common Stock Outstanding

question 17

Multiple Choice

Company P had 300,000 shares of common stock outstanding.It owned 80% of the outstanding common stock of S.S owned 20,000 shares of P common stock.In the consolidated balance sheet, Company P's outstanding common stock may be shown as

• A)​285,000 shares.
• B)​300,000 shares.
• C)​300,000 shares, less 20,000 shares of treasury stock.
• D)​300,000 shares, footnoted to indicate that S holds 20,000 shares.

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