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Note, please do the last part only but show the process. Thank you Teal Company had the following stockholders' equity as of January 1, 2020.
Note, please do the last part only but show the process. Thank you
Teal Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 20,500 shares issued $102,500 Paid-in capital in excess of par-common stock 304,000 Retained earnings 321,000 Total stockholders' equity $727,500 During 2020, the following transactions occurred. Feb. 1 Teal repurchased 1,950 shares of treasury stock at a price of $18 per share. Mar. 1 720 shares of treasury stock repurchased above were reissued at $16 per share. Mar. 18 520 shares of treasury stock repurchased above were reissued at $14 per share. Apr. 22 580 shares of treasury stock repurchased above were reissued at $19 per share. (a) Your answer is correct. Prepare the journal entries to record the treasury stock transactions in 2020, assuming Teal uses the cost method. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Treasury Stock b.1 35100 Cash 35100 1 Cash 11520 Retained Earnings 1440 Treasury Stock 12960 18 Cash 7280 Dobsinad Corning Prepare the journal entries to record the treasury stock transactions in 2020, assuming Teal uses the cost method. (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 for the amounts.) Date Debit Credit Account Titles and Explanation Treasury Stock b. 1 35100 Cash 35100 1 Cash 11520 Retained Earnings 1440 Treasury Stock 12960 18 Cash 7280 Retained Earnings 2080 Treasury Stock 9360 r.22 Cash 11020 Paid-in Capital from Treasury Stock 580 Treasury Stock 10440 (b) Your answer is partially correct. Prepare the stockholders' equity section as of April 30, 2020. Net income for the first 4 months of 2020 was $119,700. (Enter account name only and do not provide descriptive information.) TEAL COMPANY Stockholders' Equity For the Year Ended April 30, 2020 $ Common Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital from Treasury Stock Total Paid-in Capital Retained Earnings Less Treasury Stock Total Stockholders' Equity eTextbook and Media List of Accounts Save for Later Attempts: 1 of 5 used SubmitStep by Step Solution
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