Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need to: a) Record issuance of 70,000 shares of common stock with a par value $10 for a price of $11 per share b) Record
Need to:
Required information [The following information applies to the questions displayed below.) Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. C. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list a) Record issuance of 70,000 shares of common stock with a par value $10 for a price of $11 per share
b) Record purchase of 3,000 shares of previously issued common stock for a price of $14 per share
c) Record the re-issuance of 1,500 shares of treasury stock previously purchased for a price of $14 per share and sold for $17 per share
I attached the extra info
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started