Question
On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,090,000;
On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,090,000; and retained earnings $1,160,000. During the year, the following treasury stock transactions occurred.
| Mar. | 1 | Purchased 47,000 shares for cash at $15 per share. | |
| July | 1 | Sold 10,500 treasury shares for cash at $17 per share. | |
| Sept. | 1 | Sold 9,000 treasury shares for cash at $14 per share. |
A) Journalize the treasury stock transactions.
B) Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.
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Aat Management Accounting Budgeting
Authors: BPP Learning Media
1st Edition
1509718400, 978-1509718405
