The corporate charter of Torres Corporation allows the issuance of a maximum of 4,000,000 shares...
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Accounting
The corporate charter of Torres Corporation allows the issuance of a maximum of 4,000,000 shares of $1 par value common stock. During its first three years of operation, Torres issued 2,080,000 shares at $15 per share. It later acquired 80,000 of these shares as treasury stock for $25 per share.
What is the balance of the Common Stock account?
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