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The following data has been collected about Keller Company’s stockholders’ equity accounts: Common stock $10 par value 24,000 shares authorized and 12,000 shares issued, 1,400 shares outstanding$120,000 Paid-in-capital in excess of par value, common stock54,000 Retained earnings29,000 Treasury stock16,660 Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is:

Accounting Dec 05, 2020

The following data has been collected about Keller Company’s stockholders’ equity accounts: Common stock $10 par value 24,000 shares authorized and 12,000 shares issued, 1,400 shares outstanding$120,000 Paid-in-capital in excess of par value, common stock54,000 Retained earnings29,000 Treasury stock16,660 Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is:

Expert Solution

Treasury Stock Shares is the difference of shares issued and shares outstanding. Issued shares = 12,000 shares Outstanding shares = 1,400 shares Therefore, Treasury stock = 12,000 - 1,400 = 10,600 shares 

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