On December 31, 20X4, Pack Corp.'s Board of Directors canceled 50,000 shares of $2.50 par value common stock held in treasury at an average cost of $13 per share. Before recording the cancellation of the treasury stock, Pack had the following balances in its stockholders' equity accounts:
Common stock
$540,000
Additional paid-in capital
750,000
Retained earnings
900,000
Treasury stock, at cost
650,000
In its balance sheet at December 31, 20X4, Pack should report common stock outstanding of
a) $0
b) $250,000
c) $415,000
d) $540,000
+4
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