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Norton Co. was organized on January 2 of the current year, with 500,000 authorized shares...

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Accounting

Norton Co. was organized on January 2 of the current year, with 500,000 authorized shares of $10 par value common stock. Norton then had the following capital transactions during the year:

January 5 -issued 375,000 shares at $14 per share.

July 27 - purchased 25,000 shares at $11 per share

November 25 - sold 15,000 shares of treasury stock at $13 per share.

Norton used the cost method to record the purchase of the treasury shares. What would the balance in the Paid-in Capital from Treasury Stock account at December 31?

Group of answer choices

$0.

$15,000.

$30,000.

$45,000.

Answer & Explanation Solved by verified expert
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