Question
Can you please assist and describe how did you get the answer for each...I am rather confused...(STEP BY STEP PREFFERED) The following information pertains to
Can you please assist and describe how did you get the answer for each...I am rather confused...(STEP BY STEP PREFFERED)
The following information pertains to JAE Corp. at January 1, 2016: |
Common stock, $12 par, 14,000 shares authorized, 2,800 shares issued and outstanding | $33,600 |
Paid-in capital in excess of par, common stock | 14,100 |
Retained earnings | 51,800 |
JAE Corp. completed the following transactions during 2016: |
1. | Issued 850 shares of $12 par common stock for $25 per share. |
2. | Repurchased 170 shares of its own common stock for $22 per share. |
3. | Resold 50 shares of treasury stock for $23 per share. |
Required |
a. | How many shares of common stock were outstanding at the end of the period? Outstanding shares at the end of the period? b. How many shares of common stock had been issued at the end of period? Issued shares at the end of the perioud? |
C. Prepare journal entries for these transactions. 1) Issued 850 shares of $12 par common stock for $25.00 per share. 2) Repurcahsed 170 shares of its own common stock for $22.00 per share. 3) Resold 50 shares of treasury stock for $23.00 per share. D. Post them to T-accounts: T- Accounts needed for, CASH, COMMON STOCK, PAID IN CAPITAL IN EXCESS OF PAR CS, TREASURY STOCK, PAID IN CAPITAL IN EXCESS OF COST TS. E. Prepare the stockholdres equity section of the balance sheet reflecting these transactions. | |
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