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Accounting for Stock Issuances Plesko Corporation reported the following transactions relating to its stock accounts during the year. Jan. 31 Issued 10,000 shares of $5
Accounting for Stock Issuances Plesko Corporation reported the following transactions relating to its stock accounts during the year.
Jan. 31 | Issued | 10,000 | shares of $5 par value common stock at $17 cash per share. |
Mar. 31 | Purchased | 2,000 | shares of its own common stock at $15 cash per share. |
June 25 | Reissued | 1,000 | shares of its treasury stock at $20 cash per share. |
Show the financial impact of each transaction using the financial statement effects template. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount.
Balance Sheet | Income Statement | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash | Noncash | Contrib. | Earned | Contra | Net | |||||||||||
Transaction | Asset | + | Assets | = | Liabilities | + | Capital | + | Capital | - | Equity | Revenues | - | Expenses | = | Income |
(1) Jan. 15 - Issued shares of | Answer | Answer | 0 | Answer | Answer | Answer | Answer | Answer | Answer | |||||||
common stock. | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | = | N/A | Common stock | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | - | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | = | |||||
Answer | ||||||||||||||||
AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | ||||||||||||||||
(2) Mar. 31 - Purchased shares | Answer | Answer | 0 | Answer | Answer | Answer | Answer | Answer | ||||||||
of treasury stock. | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | = | N/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | = | |||||||
(3) June 25 - Reissued shares of | Answer | Answer | 0 | Answer | Answer | Answer | Answer | Answer | Answer | |||||||
treasury stock purchased Mar. 31. | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | = | N/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | AnswerCashCommon stockAdditional paid-in capitalTreasury stockRetained earningsN/A | = |
Please answer all parts of the question.
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