Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brief Exercise 15-9 Pearl Corporation has outstanding 18,000 shares of $5 par value common stock. On August 1, 2017, Pearl reacquired 200 shares at $76

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Brief Exercise 15-9 Pearl Corporation has outstanding 18,000 shares of $5 par value common stock. On August 1, 2017, Pearl reacquired 200 shares at $76 per share. On November 1, Pearl reissued the 200 shares at $65 per share. Pearl had no previous treasury stock transactions. Prepare Pearl's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date 8/1/17 11/1/17 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Brief Exercise 15-8 Shamrock Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2017, Shamrock reacquired 113 shares at $88 per share. On September 1, Shamrock reissued 62 shares at $94 per share. On November 1, Shamrock reissued 51 shares at $86 per share. Prepare Shamrock's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 11/1/17 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Brief Exercise 15-3 Nash Corporation has the following account balances at December 31, 2017. Common stock, $5 par value Treasury stock Retained earnings Paid-in capital in excess of par-common stock $459,000 95,000 2,451,000 1,261,000 Prepare Nash's December 31, 2017, stockholders' equity section. (Enter account name only and do not provide desc NASH CORPORATION Stockholders' Equity NASH CORPORATION Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Partnership And Alliances Audit

Authors: David Connell, Peter J. LaPlaca, Kenneth Wexler

1st Edition

1907766065, 978-1907766060

More Books

Students also viewed these Accounting questions