Solved: Book value of the common stock par account, Accounting Basics

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Book value of the common stock par account

Problem:

Spridget Company has 1,000,000 shares of common stock authorized with par value of $3 per share, of which 600,000 shares are outstanding. The company received $7 per share when it issued shares to the public.

Required:

What is the book value of the common stock par account and the additional paid in capital account?

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Accounting Basics: Book value of the common stock par account

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