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The corporate charter of Imp Company authorized the issuance of 10 million, $1 par common shares. During 2021, its first year of operations, the company had the following transactions: January 1 sold 8 million shares at $15 per share June 3 purchased 2 million shares of treasury stock at $18 per share December 28 sold the 2 million shares of treasury stock at $20 per share What amount should the company report as additional paid-in capital in its December 31, 2021, balance sheet

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Answer:

Paid -in Excess capital as on December 31, 2021 $124 million

Explanation:

The computation of the amount reported as a additional paid-in capital  is shown below

For Jan 1, 8 million ×  $15              $120 million

For June 3, 2 million × $18              ($36 million)

For December 28, 2 million × $20  $40 million

Paid -in Excess capital as on December 31, 2021 $124 million

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