1. The stockholders' equity section of Ankiel Corporation's balance sheet at December 31, 2009, appears below:

Stockholders' equity Paid-in capital

Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding

Paid-in capital in excess of par Total paid-in capital

Retained earnings Total stockholders' equity

During 2010, the following stock transactions occurred:

$2,500,000 1,200,000 3,700,000

600,000 $4,300,000

Jan. 18 Aug. 20

Nov. 5

Issued 50,000 shares of common stock at $32 per share.

Purchased 25,000 shares of Ankiel Corporation's common stock at $26 per share to be held in the treasury.

Reissued 9,000 shares of treasury stock for $28 per share.

1

Instructions

(a) Prepare the journal entries to record the above stock transactions. (b) Prepare the stockholders' equity section of the balance sheet for Ankiel Corporation at December 31, 2010. Assume that net income for the year was $100,000.

PLEASE SOLVE FAST AND USE SIMPLE METHODS. IM. ONLY 2ND YEAR ACCOUNTING COLLEGE I DONT TAKE ADVANCE TECHNIQUES, THANK YOU