Compact Corporation as 50,000,000 shares of common stock, par value $.01, authorized, and 16,697,000 shares issued and outstanding. Its total paid in capital is $199,623,000. If Compact rounds all dollar amounts on its financial statements to the nearest thousandth, the dollar amount reported as common stock on its balance sheet would be

Finance

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Compact Corporation as 50,000,000 shares of common stock, par value $.01, authorized, and 16,697,000 shares issued and outstanding. Its total paid in capital is $199,623,000. If Compact rounds all dollar amounts on its financial statements to the nearest thousandth, the dollar amount reported as common stock on its balance sheet would be

a. $500
b. $200
c. $167
d. $199
e. $333

Answer: c. $167
– 16,697,000 shares issued and outstanding X $.01 par value per share = $166,970; rounded to the nearest thousandth = $167

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