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*Problem 13-02A a-c Pronghorn Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock (55 par) $550,000, Paid-in Capital in Excess of
*Problem 13-02A a-c Pronghorn Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock (55 par) $550,000, Paid-in Capital in Excess of Par-Common Stock $180,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock trensactions, Mar. 1 Purchased 7,000 shares at $8 per share une Sold 1,500 shares at $13 per share. Sept.1 Sold 1,500 shares at $10 per share Dec. 1 Sold 1,000 shares at $7 per share. Pronghorn Corporetion uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $26,000 Journalize the treasury stock transactions, and prepare the dosing entry at December 31, 2020, for net income. (Record journal entries in the order presented in the probiem. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit Dec. 1 Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. (Post entr Paid-in Capital from Treasury Stock Treasury Stock Retained Earnings Prepare the stockholders equity section for Pronghorn Corporation at December 31, 2020, (Enter the acc Prepare the stockholders' equity section for Pronghorn Corporation at December 31, 2020. (Enter the ac PRONGHORN CORPORATION Balance Sheet (Partial)
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