Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 15-2 Pronghorn Company had the following stockholders equity as of January 1, 2017. Common stock, $5 par value, 21,000 shares issued $105,000 Paid-in capital

Problem 15-2 Pronghorn Company had the following stockholders equity as of January 1, 2017. Common stock, $5 par value, 21,000 shares issued $105,000 Paid-in capital in excess of parcommon stock 297,000 Retained earnings 316,000 Total stockholders equity $718,000 During 2017, the following transactions occurred. Feb. 1 Pronghorn repurchased 1,960 shares of treasury stock at a price of $17 per share. Mar. 1 750 shares of treasury stock repurchased above were reissued at $15 per share. Mar. 18 510 shares of treasury stock repurchased above were reissued at $13 per share. Apr. 22 560 shares of treasury stock repurchased above were reissued at $18 per share. Prepare the journal entries to record the treasury stock transactions in 2017, assuming Pronghorn uses the cost method. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 Mar. 18 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the stockholders equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $130,300. (Enter account name only and do not provide descriptive information.) PRONGHORN COMPANY 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

Recommended Textbook for

Information For Decision Making Readings In Cost And Managerial Accounting

Authors: Alfred Rappaport

3rd Edition

0134643542, 978-0134643540

More Books

Students also viewed these Accounting questions