Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $12 par, 12,000 shares authorized, 2,400 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $28,800 18,000 59,500 JAE Corp. completed the following transactions during Year 1: 1. Issued 900 shares of $12 par common stock for $31 per share. 2. Repurchased 230 shares of its own common stock for $28 per share. 3. Resold 50 shares of treasury stock for $29 per share. c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Reqc Reg D Organize the transactions data in accounts under the accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells require input.) JAE CORPORATION Accounting Equation for the Year 1 Stockholders' Equity Assets Event Liabilities Cash Common Stock Paid-in Capital In Excess Common Stock Paid-in Capital In Excess Treasury Stock Treasury Stock Retained Earnings Beg. bal. + 28,800 + + + 1 2 + + 26,100 (5,980) = 1,350 = 21,470 = + 3 End. bal. I + 0+ 28,800 0 01 + 0 Prepare the stockholders' equity section of the balance sheet reflecting these transactions. JAE CORPORATION Balance Sheet (Partial) As of December 31 Stockholders' Equity Total paid-in capital $ 0 Total stockholders' equity $ 0