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On January 1, 2020, the stockholders equity section of a Company shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,030,000;
On January 1, 2020, the stockholders equity section of a Company shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,030,000; and retained earnings $1,210,000. During the year, the following treasury stock transactions occurred.
Mar. | 1 | Purchased 50,000 shares for cash at $15 per share. | |
July | 1 | Sold 10,500 treasury shares for cash at $17 per share. | |
Sept. | 1 | Sold 9,500 treasury shares for cash at $14 per share. |
how do you find Paid-in capital from treasury stock & Retained earnings
Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Stock 750000 Cash 750000 July 1 Cash 178500 Treasury Stock 157500 Paid-in Capital from Treasury Stock 21000 Sept. 1 Cash 133000 Paid-in Capital from Treasury Stock 9500 Treasury Stock 142500 Restate the entry for September 1, assuming the treasury shares were sold at $11 per share. (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 o for the amounts.) Date Account Titles and Explanation Debit Sept. 17 Cash 104500 Credit Paid-in Capital from Treasury Stock 23000 Retained Earnings 15000 Treasury Stock 142500Step by Step Solution
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