Carbide Corporation purchased 36,000 shares of its own stock from investors for $40 per share. The next year, the company resold 3,000 of the repurchased shares for $56 per share, and the following year it resold 7,000 of the repurchased shares for $26 per share

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1.Carbide Corporation purchased 36,000 shares of its own stock from investors for $40 per share. The next year, the company resold 3,000 of the repurchased shares for $56 per share, and the following year it resold 7,000 of the repurchased shares for $26 per share. Determine the impact (increase, decrease, or no change) of each of these transactions on the following: (Enter a positive value for increase and a negative value for decrease. If no change, leave cell blank.) Assets Liabilities Stockholders'Net Equity Income Purchased 36,000 shares of treasury stock Resold 3,000 shares for $56/share Resold 7,000 shares for $26 per share 2 [The following information applies to the questions displayed below.] The financial statements for Highland Corporation included the following selected information: Common stock Retained earnings Net income Shares issued Shares outstanding Dividends declared and paid $ 450,000 $ 740,000 $1,120,000 90,000 75,000 $ 790,000 1.The common stock was sold at a price of $40 per share. 2. What was the amount of retained earnings at the beginning of the year? 3. How many shares are in treasury stock? 4. Compute earnings per share. (Round your answer to 2 decimal places.) The stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,075,000 and declared and paid dividends of $11,911,000. 6 Stockholders' Equity : Current Year Last Year Common stock, Class A116,600,308 and 116,485,495 shares issued; ? and ? shares outstanding 1,166,000 1,165,000 Common stock, Class B (convertible)4,180,929 shares issued and outstanding 42,000 42,000 Additional paid-in capital 775,055,000 787,987,000 Retained earnings 2,547,727,000 ? Less treasury stock, at cost, Class A47,146,748 and 45,480,148 shares (1,883,581,000) (927,560,000) Required: 1. What amount was reported in the Common Stock (Class A) account at the end of the current year? (Round your answer to nearest whole number.) 2. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year? Last year Current year Number of shares 3.What amount was reported in the Retained Earnings account at the end of last year? (Enter your answer in thousands.) Retained earnings 4.At the end of the current year, have the treasury stock transactions increased assets or decreased assets? By how much? (Enter the amount as positive value. Enter your answer in thousands.) 5. During the current year, by what amount did treasury stock transactions increase or decrease stockholders' equity? (Enter the amount as positive value. Enter your answer in thousands.) 6. At the end of the current year, what was the average price paid per share for shares held in treasury stock? (Round your answer to 2 decimal places.) Cost per share 7. King Corporation began operations in January of the current year. The charter authorized the following stock: Preferred stock: 10 percent, $11 par value, 40,600 shares authorized Common stock: $6 par value, 85,800 shares authorized During the current year, the following transactions occurred in the order given: a. Issued 23,100 shares of common stock for $10 cash per share. b. Sold 8,600 shares of the preferred stock at $21 cash per share. c. Sold 2,000 shares of the preferred stock at $21 cash per share and 3,400 shares of common stock at $11 cash per share. Required: Provide the journal entries required to record each of the transactions in (a) through (c). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 8. United Resources Company obtained a charter from the state in January of this year. The charter authorized 214,000 shares of common stock with a par value of $2. During the year, the company earned $478,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 88,000 shares of the common stock in an initial public offering at $15 cash per share. b. Repurchased 23,000 shares of the previously issued shares at $18 cash per share. c. Resold 11,000 of the shares of the treasury stock at $21 cash per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: Total contributed capital Total contributed capital and retained earnings Total stockholders' equity 0 0 $0 9.At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,400 $ 54,000 shares) Paid-in capital 19,000 Total contributed capital 73,000 Retained earnings 49,000 Total stockholders' equity $122,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,500 shares of common stock at $30 cash per share (at year-end). b. Determined net income, $44,000. c. Declared and paid a cash dividend of $1 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Paid-in Retained Stock Capital Earnings SharesAmount Balances as of December 31, prior year Balances as of December 31, current year Total Stockholders' Equity