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Posted by Mark X. Rigotti, CPA on June 3, 2006, 9:44 am
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Happens quite often. I've one where 1,000 shares were
issued for $1 back in the 70's. Two owners Dad with 999 and
son with 1 share. Both worked business. Dad died leaving
stock to Mom. Board (son and Ma) authorized a company stock
buy back. Now the equity section looks like this:
Common Stock 1
Treasury Stock -1,000,000
Funkly looking I agree but remember we deal with historical
cost NOT fair market value.
Regards,
Mark
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