Public Equity Corporation Acquired Lenore Company Through an Exchange of Common

question 1

Multiple Choice

Public Equity Corporation acquired Lenore Company through an exchange of common shares.All of Lenore's assets and liabilities were immediately transferred to Public Equity.Public's common stock was trading at $20 per share at the time of exchange.Following selected information is also available.

-Based on the preceding information,what number of shares was issued at the time of the exchange?

• A)5,000
• B)17,500
• C)12,500
• D)10,000

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