Problem 15-6 Coronado Company has the following stockholders' equity accounts at December 31, 2017 Common Stock ($100 par value, authorized 7,600 shares) $459,100 Retained Earnings 266,700 Your answer is correct. Prepare entries in journal form to record the following transactions, which took place during 2018. (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.) (1) 290 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $22 per share cash dividend was declared (3) The dividend declared in (2) above was paid (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 500 shares of outstanding stock were purchased at $105 per share. (6) 380 of the shares purchased in (5) above were resold at $96 per share Debit Credit No. Account Titles and Explanation 1. Treasury Stock 28130 28130 Cash 2. Retained Earnings 94622 Dividends Payable 94622 3. Dividends Payable 94622 Cash 94622 4. Cash 29870 Treasury Stock 28130 Paid-in Capital from Treasury Stock 1740 5. Treasury Stock 52500 52500 Cash 52500 6 Cash 36480 Paid-in Capital from Treasury Stock 1740 Retained Earnings 1680 Treasury Stock 39900 Your answer is partially correct. Try again. Prepare the stockholders' equity section of Coronado Company's balance sheet after giving effect to these transactions, assuming that the net income for 2018 was $86,300. State law requires restriction of retained earnings for the amount of treasury stock. (Enter account name only and do not provide descriptive information.) CORONADO COMPANY Stockholders' Equity December 31, 2018 459100 Common Stock 392900 Retained Earnings Total Paid-in Capital and Retained Earnings 852000 Less 12600 sury Stock 839400 Total Stockholders' Equity