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hello I Have attached a word doc, I need help with part B, I have finished part of it, I just need the 2 boxes
hello I Have attached a word doc, I need help with part B, I have finished part of it, I just need the 2 boxes in the middle fixed, retained earnings, and Paid in capital from treasury stock, I need those 2 numbers figured out. please show me your work deadline is 20 minutes. thank you
On January 1, 2017, the stockholders' equity section of Newlin Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,080,000; and retained earnings $1,150,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share. (a) Your answer is correct. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. 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.) Dat Account Titles and e Explanation Treasury Stock 780,000 Cash 780,000 Cash Sept. 1 Debi Credi t t 195,500 Treasury Stock 172,500 Paid-in Capital fro 23,000 Cash 133,000 Paid-in Capital fro 9,500 Treasury Stock 142,500 Show List of Accounts Show Solution Show Answer Link to Text Attempts: 2 of 3 used (b) Your answer is partially correct. Try again. Restate the entry for September 1, assuming the treasury shares were sold at $11 per share. (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 Sept. 1 Account Titles and Explanation Cash Debit Credit 104,500 Paid-in Capital fro Retained Earning Treasury Stock 142,500Step by Step Solution
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