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need help answering D The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $9 par, 15,000 shares authorized, 3,000 shares
need help answering D
The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $9 par, 15,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $27,000 17,700 74,700 JAE Corp. completed the following transactions during Year 1: 1. Issued 800 shares of $9 par common stock for $25 per share. 2. Repurchased 170 shares of its own common stock for $22 per share. 3. Resold 50 shares of treasury stock for $23 per share. Required a. How many shares of common stock were outstanding at the end of the period? Outstanding shares at the end of the period 3,680 b. How many shares of common stock had been issued at the end of the period? Issued shares at the end of the period 3,800 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 ist View Journal entry worksheet No Credit General Journal Transaction 1 Debit 20,000 1 Cash Common stock Pald-in capital in excess of par, CS 7.200 12,800 2 2 3.740 Treasury stock Cash 3,740 3 3 1.150 Cash Treasury stock Pald.in capital in excess of cont, TS 1.100 50 Cash Beg. Bal Beg. Bal Common Stock 27,000 7,2001. 3,740 2. 20,000 1,150 End. Bal 17,410 End. Bal 34,200 Treasury Stock Beg. Bal PIC in Excess of Par, CS 17.700 12,800 1. Beg Bal 3,740 1,100 3. End. Bal 30,500 End. Bal 2,640 PIC in Excess of Cost, TS Beg. Bal 50 13. End. Bal 50 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 Totul pald-in capital 5 O Total stockholders' equity $ Step by Step Solution
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