A Company Forfeited 10 000 Shares That Had Been Paid

Multiple Choice

A company forfeited 10 000 shares that had been paid to $2 but on which a $1 call was outstanding. The company's constitution provided for any surplus on reissue to be returned to the forfeiting shareholders. The forfeited shares were reissued as paid to $4.00 for a payment of $3.50 per share. Costs of reissue amounted to $2000. The amount of the surplus repaid to the shareholders whose shares were forfeited is:

A) $15 000.
B) $13 000.
C) $10 000.
D) $38 000.