Chap. 11 - Exercises Saved 12 Part 1 of 2 Required information E11-7 (Static) Reporting Stockholders' Equity LO11-1, 11-3, 11-7 [The following information applies to the questions displayed below. Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $2 par value, 80,000 shares authorized. During the first year, the following selected transactions were completed: 5.88 points eBook a. Sold 50,000 shares of common stock for cash at $50 per share. b. Repurchased 2,000 shares from a stockholder for cash at $52 per share. Hint E11-7 Part 1 Print Required: 1. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) References View transaction list Journal entry worksheet Sold 50,000 shares of common stock for cash at $50 per share. Note: Enter debits before credits Transaction General Journal Debit Credit a. Cash Common stock Additional paid-in capital, common stock Record entry Clear entry View general Journal 12 Part 1 of 2 Required information E11-7 (Static) Reporting Stockholders' Equity LO11-1, 11-3, 11-7 (The following information applies to the questions displayed below.) Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $2 par value, 80,000 shares authorized. During the first year, the following selected transactions were completed: 5.88 points eBook a. Sold 50,000 shares of common stock for cash at $50 per share. b. Repurchased 2,000 shares from a stockholder for cash at $52 per share. Hint E11-7 Part 1 Print Required: 1. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) References View transaction list Journal entry worksheet Repurchased 2,000 shares from stockholder for cash at $52 per share. Note: Enter debits before credits Transaction General Journal Debit Credit b. Record entry Clear entry View general Journal Chap. 11 - Exercises Saved 13 Part 2 of 2 Required information E11-7 (Static) Reporting Stockholders' Equity LO11-1, 11-3, 11-7 [The following information applies to the questions displayed below.) 5.88 points Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $2 par value, 80,000 shares authorized. During the first year, the following selected transactions were completed: eBook a. Sold 50,000 shares of common stock for cash at $50 per share. b. Repurchased 2,000 shares from a stockholder for cash at $52 per share. Hint E11-7 Part 2 Print 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the year was $200,000. (Amounts to be deducted should be indicated with a minus sign.) References WILLIAMSON CORPORATION Balance Sheet (Partial) At end of This Year Stockholders' equity Contributed capital: Total contributed capital Total stockholders' equity