Problem
The Stockholders' Equity section of Bingham Moving and Storage's balance sheet on January 1, 2013, appeared as follows:
Common stock, $5 par, 30,000 shares issued and outstanding $150,000
Additional paid-in capital--common $120,000
Retained earnings $300,000
Total stockholders' equity $570,000
On March 1, 2012, Bingham reacquired 3,000 shares of common stock at $8 per share. Answer the following questions
A) What amount would be reported on the March 31, 2012, balance sheet for treasury stock?
B) What is the number of outstanding shares at March 31, 2012?
C) How much is total stockholders' equity to be reported on the March 31, 2012 balance sheet?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.