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M. Mouse Corporation has the following stockholders' equity on December 31, 2019: (I have 30 minutes to turn this in, please help if available, I'll
M. Mouse Corporation has the following stockholders' equity on December 31, 2019: (I have 30 minutes to turn this in, please help if available, I'll leave a great review :) )
Common Stock ($11-par value, 200,000 shares authorized, 140,000 shares issued and outstanding | $1,540,000 |
Additional Paid-In Capital in Excess of Par Value | 2,820,000 |
Total Paid-in Capital | $4,360,000 |
Retained Earnings | 1,920,000 |
Total Stockholders' Equity | $6,280,000 |
Required:
Part A: Give the general journal entry required to record the following treasury stock transactions in Workpaper #3.
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- M. Mouse purchased back 30,000 shares of its own common stock as treasury shares for $19 per share cash.
- M. Mouse re-issued 4,000 treasury shares for $20 per share cash.
- M. Mouse re-issued 3000 treasury shares for $18 per share cash.
- M. Mouse re-issued 2,000 treasury shares for $17 per share cash.
- M. Mouse re-issued 1,000 treasury shares for $16 per share cash.
- M. Mouse re-issued 4,000 treasury shares for $21 per share cash. Part B: Answer the following questions as of the end of 2020. Net income for the year is $1,020,000. No other stockholders' equity transactions took place during the year. (You may want to draw T-accounts, enter the beginning balances, and then post your entries).
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- How many shares of common stock are authorized?
- How many shares of common stock are issued?
- How many shares of common stock are outstanding?
- What is Total Paid-In Capital at the end of 2020?
- What is the Retained Earnings at the end of 2020?
- What is Total Stockholders' Equity at the end of 2020?
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