On January 1, Scuppernong Corporation's Common Stock Account Had a Balance

Multiple Choice

On January 1, Scuppernong Corporation's Common Stock account had a balance of $300,000, representing 30,000 shares of $10 par value issued at par. On July 1, 6,000 shares were issued for $60,000 cash. On October 1, a 10% stock dividend was declared and distributed. On November 30, 15,000 shares were reacquired by the corporation at $12 per share. What is the balance in Common Stock appearing on the statement of stockholders' equity on December 31?

A) $216,000
B) $360,000
C) $246,000
D) $396,000