C8A-16

The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 10,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,000 18,000 68,900 JAE Corp. completed the following transactions during 2018: 1. Issued 900 shares of $10 par common stock for $27 per share. 2. Repurchased 230 shares of its own common stock for $24 per share. 3. Resold 50 shares of treasury stock for $25 per share. How many shares of common stock were outstanding and issued at the end of the period? a. Outstanding shares at the end of the period b. Issued shares at the end of the period Organize the transactions data in accounts under the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets JAE CORPORATION Accounting Equation for the Year 2018 Stockholders' Equity Paid-in Paid-in Common Capital In Capital In Excess + Excess Stock Common Treasury Stock Stock Event Liabilities + Cash Treasury Stock + Retained Earnings + + + Beg. bal. 1. + + = + + + 2. + + + 3. +++ + + + + + End. bal. 0= 0+ 0+ 0 0 Prepare the stockholders' equity section of the balance sheet reflecting these transactions. JAE CORPORATION Balance Sheets (Partial) As of December 31 Stockholders' Equity Total paid-in capital $ 0 Total stockholders' equity $ 0