Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 65,000 shares issued and outstanding) $650,000 Paid-in Capital

image text in transcribedimage text in transcribed

On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 65,000 shares issued and outstanding) $650,000 Paid-in Capital in Excess of Par-Common Stock 480,000 Retained Earnings 635,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $14 per share. May 15 Reacquired 2,200 common shares at a market price of $16 per share. Nov. 15 Reissued 1,100 shares held in treasury at a price of $19 per share. Dec. 31 Determined that net income for the year was $376,000. (a 1) Your Answer Correct Answer Your answer is partially correct. Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented when the 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 Jan 15, 2020 Retained Earnings 68250 Cash 68250 Apr. 15, 2020 Cash 91,000 Common Stock 65,000 Paid-in Capital in Excess of Par - Common Stock 26,000 May 15, 2020 Treasury Stock 35,200 Cash 35,200 Nov. 15, 2020 Cash 20,900 Treasury Stock 17600 Paid-in Capital from Treasury Stock 3300 Dec 31, 2020 V Income Summary 376000 Retained Earnings 376000 eTextbook and Media Solution List of Accounts Attempts: 3 of 3 used (2) Determine the ending balances for Paid-in Capital, Retained Earnings, and Stockholders' Equity. Ending balances Paid-in Capital $ Retained Earnings $ Stockholders' Equity $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Different formulas for mathematical core areas.

Answered: 1 week ago