Question
On January 1, 2020, the stockholders equity section of Flint Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,100,000;
On January 1, 2020, the stockholders equity section of Flint Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,100,000; and retained earnings $1,170,000. During the year, the following treasury stock transactions occurred.
| Mar. | 1 | Purchased 52,000 shares for cash at $15 per share. | |
| July | 1 | Sold 10,000 treasury shares for cash at $17 per share. | |
| Sept. | 1 | Sold 8,000 treasury shares for cash at $14 per share.
|
Restate the entry for September 1, assuming the treasury shares were sold at $11 per share.
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Materiality In Financial Reporting An Integrative Perspective
Authors: Francesco Bellandi
1st Edition
178743737X, 9781787437371
