Question
On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000;
On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share.
Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Sept. 1
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Financial Accounting For Management
Authors: N Ramachandran
3rd Edition
1259004694, 978-1259004698
