The initial number of authorized shares specified in the companys articles of incorporation is 25,000...
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Accounting
The initial number of authorized shares specified in the companys articles of incorporation is 25,000 shares of $10 par value per share common stock. A few weeks later, the company issues 10,000 shares of this common stock for $26 in cash per share. Later, the company buys back 1,000 shares of this stock for the same $26 per share and retires these shares. What is reported in this company's balance sheet in its Common Stock account ?
___$250,000
___$100,000
___$74,000
___$90,000
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