n January 1, Jordan Corporation issued 20,000 shares of $1 par value common stock at $50 per share. On January 15, Jordan purchased 50 shares of its own common stock at $55 per share. On March 1, 20 shares of treasury stock were resold at $58. The balance in retained earnings was $25,000 prior to these transactions.

Required

a. Record the entry on January 1 for issuance of common stock. What is the impact on stockholders equity of this transaction?

Date	Account Name	Dr.	Cr.
Jan. 1	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	To record issuance of common stock.

Note: Do not use a negative sign with the dollar amount.

Impact on stockholders' equity
Direction	Amount
increasedecrease

b. Record the entry on January 15 for purchase of common shares for the treasury. What is the impact on stockholders equity of this transaction?

Date	Account Name	Dr.	Cr.
Jan. 15	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	To record purchase of treasury stock.

Note: Do not use a negative sign with the dollar amount.

Impact on stockholders' equity
Direction	Amount
increasedecrease

c. Record the entry on March 1 for sale of treasury shares at $58 per share. What is the impact on stockholders equity of this transaction?

Date	Account Name	Dr.	Cr.
March 1	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	To record sale of treasury stock.

Note: Do not use a negative sign with the dollar amount.

Impact on stockholders' equity
Direction	Amount
increasedecrease

d. Provide the ending balances for each of the stockholders equity accounts affected by these entries.

Note: Use a negative sign for any contra account(s).

Account	Amount
Common Stock
Paid-in capital in excess of parcommon stock
Paid-in capitaltreasury stock
Retained earnings
Treasury stock
Total

e. Assume that on March 30 all remaining treasury shares are retired. Provide the entry for retirement of the remaining treasury shares.

Date	Account Name	Dr.	Cr.
March 30	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	CashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of Stated ValueCommon StockPaid-in Capital in Excess of ParPreferred StockPaid-in CapitalRetired StockPaid-in CapitalTreasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or LossIncomeN/A
	To record retirement of treasury stock.