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  3. greyco collected $13,140 of customer deposits on c

GreyCo collected $13,140 of customer deposits on cans and bottles. As of the end of...

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Accounting

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GreyCo collected $13,140 of customer deposits on cans and bottles. As of the end of the accounting period, GreyCo has redeemed 56% of the deposits, and concludes that 19% of the deposits have been forfeited. The cost of the cans and bottles is 40% of the deposit. GreyCo should recognize net income of MJ Company shareholders' equity included 5,930 shares of $1.5 par common stock and a balance in paid-in capital - excess of par of $17,630. Assuming that MJ retires shares it reacquires (restores their status to that of authorized but unissued shares), MJ reacquires 1,460 shares at $8 per share. When recording the acquisition what is the debit to PIC in excess of par? S_

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