24. Cox Corporation was organized on January 1, 2003, at which date it issued 100,000 shares of $10 par value common stock at $15 per share. During the period
January 1 2002 through December 31, 2005, Cox reported net income of $450,000 and paid cash dividends of $230,000. On January 10, 2005, Cox purchased 6,000 shares
of its common stock at $12 per share. On December 31, 2005, Cox sold 4,000 treasury shares at $8 per share. Cox uses the cost method of accounting for treasury
shares. What is Coxs total stockholders equity at December 31, 2005? a. $1,720,000. b. $1,704,000. c. $1,688,000. d. $1,680,000.
January 1 2002 through December 31, 2005, Cox reported net income of $450,000 and paid cash dividends of $230,000. On January 10, 2005, Cox purchased 6,000 shares
of its common stock at $12 per share. On December 31, 2005, Cox sold 4,000 treasury shares at $8 per share. Cox uses the cost method of accounting for treasury
shares. What is Coxs total stockholders equity at December 31, 2005? a. $1,720,000. b. $1,704,000. c. $1,688,000. d. $1,680,000.
