A regional chain of medical clinics had the following information pertaining to its stockholders' equity accounts at December 1, 2019:
Common Stock, $5 par, 100,000 shares authorized, 30,000 shares issued and outstanding$15,000,000
Paid-in Capital in Excess of Par--Common Stock12,000,000
Retained Earnings30,000,000
No dividends were paid during 2019. On December 15, 2019 the clinic repurchased 3,000 shares of its common stock for $80 per share. On December 31, the bookkeeper closed the books, reporting net income of $2,500,000.
A)What amount will be reported on the balance sheet for Treasury Stock at December 31, 2019? B)How many shares of stock are outstanding at December 31, 2019? C)Prepare the stockholders' equity section of the balance sheet at December 31, 2019.
What will be an ideal response?
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What will be an ideal response?