Question - The corporate charter of Big Blue Tent Co. authorized the issuance of 6 million, $1 par common shares. During 2006, its first year of operations, Big Blue had the following transactions:
February 4 sold 4 million shares at $15 per share
October 12 retired 1 million shares at $18 per share
December 30 sold the 1 million shares at $20 per share
What amount should Big Blue report as additional paid-in capital in its December 31, 2006, balance sheet?
(A) $37 million
(B) $56 million
(C) $58 million
(D) $61 million