Question
ClemsonCompany had the following stockholders' equity as of January 1, 2020. Common stock, $5par value,20,000shares issued$100,000Paid-in capital in excess of parcommon stock300,000Retained earnings320,000Total stockholders' equity$720,000
ClemsonCompany had the following stockholders' equity as of January 1, 2020.
Common stock, $5par value,20,000shares issued$100,000Paid-in capital in excess of parcommon stock300,000Retained earnings320,000Total stockholders' equity$720,000
During 2020, the following transactions occurred.
Feb. 1Clemsonrepurchased2,000shares of treasury stock at a price of $19per share.Mar. 1800shares of treasury stock repurchased above were reissued at $17per share.Mar. 18500shares of treasury stock repurchased above were reissued at $14per share.Apr. 22600shares of treasury stock repurchased above were reissued at $20per share.
Prepare the journal entries to record the treasury stock transactions in 2020, assumingClemsonuses the cost method.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Feb. 1
Mar. 1
Mar. 18
Apr. 22
Mar. 1
Mar. 18
Feb. 1
Mar. 1
Mar. 18
Apr. 22
eTextbook and Media
List of Accounts
Prepare the stockholders' equity section as of April 30, 2020. Net income for the first 4 months of 2020 was $130,000.(Enter account name only and do not provide descriptive information.)
CLEMSONCOMPANY
Stockholders' Equity
April 30, 2020
For the Year Ended April 30, 2020
For the Quarter Ended April 30, 2020
$
Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Stockholders' Equity
Add
Less
:
Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Stockholders' Equity
$
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Financial Accounting Information for Decisions
Authors: John J. Wild
9th edition
1259917045, 978-1259917042
