chapter 11 question 3

The following information pertains to JAE Corporation at January 1, Year 1. JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $28 per share. 2. Repurchased 230 shares of its own common stock for $25 per share. 3. Resold 50 shares of treasury stock for $26 per share. Required a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c1. Prepare journal entries for these transactions. c2. Post the journal entries to T-accounts. d. Prepare the stockholders' equity section of the balance sheet reflecting these transaction a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? Prepare journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A Issued 1,150 shares of $11 par common stock for $28 per share. Record the transaction. B. Repurchased 230 shares of its own common stock for $25 per share. Record the transaction. c. Resold 50 shares of treasury stock for $26 per share. Record the transaction. Post the journal entries to T-accounts. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts to be deducted shoul be indicated with minus sign.)