4. (3 Points) The corporate charter of Fly Away Corporation allows the issuance of a...
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Accounting
4. (3 Points)
The corporate charter of Fly Away Corporation allows the issuance of a maximum of 1,000,000 shares of
$1 par value common stock. During its first three years of operation, Fly Away issued 550,000 shares at $15 per share. It later acquired 10,000 of these sharers as treasury stock for $19 per shares.
Instructions
Based on the above information, answer the following questions:
- How many shares were authorized?
- How many shares were issued?
How many shares are outstanding?
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