Question
On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,000,000;
On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred.
| Mar. | 1 | Purchased 50,000 shares for cash at $15 per share. | |
| July | 1 | Sold 11,000 treasury shares for cash at $17 per share. | |
| Sept. | 1 | Sold 9,000 treasury shares for cash at $14 per share. |
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Auditing Principles And Practice
Authors: Kumar And Sharma
3rd Edition
8120350987, 9788120350984
