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Lanier Tech This company was incorporated as a new business on January 1, 2019. The company...

Lanier Tech This company was incorporated as a new business on January 1, 2019. The company is authorized to issue 50,000 shares of $5 par common stock and 10,000 shares of 6%, $10 par, cumulative, participating preferred stock. On January 1, 2019, the company issued 8,000 shares of the common stock for $15 per share and 2,000 share of the preferred stock for $30 per share. Net income for the year ended December 31, 2019 was $375,000. Refer to Lanier Tech. What is the number of the company’s unissued shares of common stock at December 31, 2019? a. 42,000 b. 6,000 c. 40,000 d. 8,000

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Answer:a. 42,000

Number of unissued shares of common stock = Authorized shares - issued shares

                                                                   = 50000 - 8000

                                                                   = 42000

ekkarill92 answered 8 months ago
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