Question Details

The corporate charter of Hunter Corporation allows the issuance 



1
The following selected transactions pertain to Linton Corporation:
Jan. 3 Issued 150,000 shares, $10 par value, common stock for $22 per share.
Feb. 10 Issued 8,000 shares, $10 par value, common stock in exchange for special purpose
equipment. Linton Corporation's common stock has been actively traded on the stock
exchange at $25 per share.
Instructions
Journalize the transactions.


(To record issuance of stock for equipment)
2
The corporate charter of Hunter Corporation allows the issuance of a maximum of 2,500,000
shares of $1 par value common stock. During its first three years of operation, Hunter issued
1,500,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for
$25 per share.
Instructions
Based on the above information, answer the following questions:
(a) How many shares were authorized?
(b) How many shares were issued?
(c) How many shares are outstanding?
(d) What is the balance of the Common Stock account?
(e) What is the balance of the Treasury Stock account?


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