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Please solve all parts of the question. c. Prepare journal entries for these transactions and post them to T-accounts. (If no entry is required for
Please solve all parts of the question.
c. Prepare journal entries for these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. Issued 1050 shares of $10 par common stock for $ 31 per share.
2. Repurchased 150 shares of its own common stock for $ 28 per share
3. Resold 50 shares of treasury stock for $29 per share
The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $10 par, 13,000 shares authorized, 2,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $26,000 17,800 67,500 JAE Corp. completed the following transactions during Year 1: 1. Issued 1,050 shares of $10 par common stock for $31 per share. 2. Repurchased 150 shares of its own common stock for $28 per share. 3. Resold 50 shares of treasury stock for $29 per share. Required a. How many shares of common stock were outstanding at the end of the period? Outstanding shares at the end of the period b. How many shares of common stock had been issued at the end of the period? Issued shares at the end of the period Beg. Bal End. Bal Beg. Bal End. Bal Beg. Bal End. Bal Cash PIC in Excess of Par, CS PIC in Excess of Cost, TS Beg. Bal End. Bal Beg. Bal End. Bal Common Stock Treasury Stock d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts to be deducted should be indicated with minus sign.) Stockholders' equity Total paid-in capital $ 0 Total stockholders' equity 0 GA
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