Pioneer Amusements Corporation had the following stockholders equity on November 30: Stockholders' Equity Paid-In Capital: Common Stock$5

Question:

Pioneer Amusements Corporation had the following stockholders’ equity on November 30:

Stockholders' Equity

Paid-In Capital:

Common Stock—$5 Par Value; 1,300 shares authorized,

130 shares issued and outstanding……………………… $ 650

Paid-In Capital in Excess of Par—Common …….....…. 1,950

Total Paid-In Capital ………………………………….....…. 2,600

Retained Earnings ……………………………….....……. 52,000

Total Stockholders' Equity …………………….....…… $ 54,600

On December 30, Pioneer purchased 100 shares of treasury stock at $11 per share.

Requirements

1. Journalize the purchase of the treasury stock.

2. Prepare the stockholders’ equity section of the balance sheet at December 31,

2016. Assume the balance in retained earnings is unchanged from November 30.

3. How many shares of common stock are outstanding after the purchase of treasury stock?

Common Stock
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