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Question
The shareholders' equity section of Maven Corporation's balance sheet as of December 31, 2014 is as follows:
| Common stock, $1 par; authorized, 6,000 shares; 2,000 shares issued | $ 2,000 | |
| Additional paid-in capital | 60,000 | |
| Retained earnings | 58,000 | |
| Total shareholders equity | $120,000 | |
The following events occurred during 2015:
February 1 - 400 shares of authorized and unissued common stock were sold for $4 per share.
June 16 - A 15% stock dividend was declared and issued. Market value per share is currently $18.
October 11 - A three-for-one split was carried out. Market value was $21 per share.
November 4 - A cash dividend of $4.20 per share was declared, payable January 12 to shareholders of record on November 30.
How many shares of common stock are outstanding at December 31, 2015? Determine the balance in the common stock account at December 31, 2015.
Answer
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