On January 1, 2011, the stockholders equity section of Rowen Corporation shows common stock ($5 par value) $1,500,000 paid in capital in excess of par value $1,000,000 and retained earnings $1,200,000 During the year, the following treasury stock transactions occurred Mar 1 Purchased 50,000 shares ...

a Mar 1 Treasury Stock 50000 X 16 800000 Cash 800000 July 1 Cash 10000 X 17 170000 Treasury ...

On January 1, 2011, the stockholders equity section of Rowen Corporation shows: common stock ($5 par value)

Question:

On January 1, 2011, the stockholders’ equity section of Rowen shows: ($5 $1,500,000; paid-in capital in excess of $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 50,000 shares for cash at $16 per share.
July 1 Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 8,000 treasury shares for cash at $15 per share.

Instructions
(a) Journalize the treasury stock transactions.
(b) Restate the entry for September 1, assuming the treasury shares were sold at $13 per share.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...