Exercise 11-13A Recording and reporting treasury stock transactions LO 11-5

The following information pertains to JAE Corp. at January 1, Year 1:

Common stock, $10 par, 8,000 shares authorized, 1,600 shares issued and outstanding	$	16,000
Paid-in capital in excess of par, common stock		13,800
Retained earnings		74,000

JAE Corp. completed the following transactions during Year 1:

1. Issued 850 shares of $10 par common stock for $27 per share.
2. Repurchased 220 shares of its own common stock for $24 per share.
3. Resold 50 shares of treasury stock for $25 per share.

Required a. How many shares of common stock were outstanding at the end of the period?

Required a. How many shares of common stock were outstanding at the end of the period? Outstanding shares at the end of the period b. How many shares of common stock had been issued at the end of the period? Issued shares at the end of the period c. Prepare journal entries for these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 > Issued 850 shares of $10 par common stock for $27 per share 2 Repurchased 220 shares of its own common stock for $24 per share. 3 Resold 50 shares of treasury stock for $25 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Cash Common Stock Beg. Bal Beg. Bal End. Bal End. Bal PIC in Excess of Par, CS Treasury Stock Beg. Bal Beg. Bal End. Bal End. Bal PIC in Excess of Cost, TS Beg. Bal End. Bal d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts to be deducted should be indicated with minus sign.) Stockholders' equity Total paid-in capital Total stockholders' equity