The Stockholders' Equity section of Stallion Tack Shack balance sheet on January 1, 2015, appeared as follows:
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Common stock, $5 par, 30,000 shares issued and outstanding
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$150,000
|
|
Additional paidin capital-common
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120,000
|
|
Retained earnings
|
300,000
|
|
Total stockholders' equity
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$570,000
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On March 1, 2015, Stallion reacquired 3,000 shares of common stock at $8 per share. Answer the following questions:
What amount would be reported on the March 31, 2015, balance sheet for treasury stock?
What is the number of outstanding shares at March 31, 2015?
How much is total stockholders' equity to be reported on the March 31, 2015 balance sheet?