Upon submitting its corporate charter to the state, Lazer was granted permission to issue 6,000 shares of $0.30 par value common stock.Net income for the year for Lazer was $98,400. In addition, the following transactions took place during the year:January 2:March 12:Investors paid Lazer $7 each for 2,520 shares of common stockLazer purchases 600 shares of its own common stock for $6.50 per shareOctober 31: Lazer declared a 2-for-1 forward stock splitAs of December 31, how many shares are issued, and how many shares are outstanding?Select one:Оa. Issued, 4,080; Outstanding, 2,520Ob. Issued, 4,080; Outstanding, 5,040Oc. Issued, 5,040; Outstanding, 1,920оd. Issued, 5,040; Outstanding, 3,840

Stock Split is the increasing the number of shares outstanding by decreasing the par value of…

Upon submitting its corporate charter to the state, Lazer was granted permission to issue 6,000 shares of $0.30 par value Net income for the year for Lazer was $98,400. In addition, the following transactions took place during the year: January 2: Investors paid Lazer $7 each for 2,520 shares of common stock March 12: Lazer purchases 600 shares of its own common stock for $6.50 per share October 31: Lazer declared a 2-for-1 forward stock split As of December 31, how many shares are issued, and how many shares are outstanding?

Upon submitting its corporate charter to the state, Lazer was granted permission to issue 6,000 shares of $0.30 par value Net income for the year for Lazer was $98,400. In addition, the following transactions took place during the year: January 2: Investors paid Lazer $7 each for 2,520 shares of common stock March 12: Lazer purchases 600 shares of its own common stock for $6.50 per share October 31: Lazer declared a 2-for-1 forward stock split As of December 31, how many shares are issued, and how many shares are outstanding?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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