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Splish Brothers Inc. had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of Par-Common Stock
Splish Brothers Inc. had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained Earnings $110.000. In 2022, the company had the following treasury stock transactions. Purchased 7,000 shares at $8 per share. June Sold 1,000 shares at $13 per share. Sept. Sold 1,000 shares at $11 per share. 1 Sold 1,000 shares at $7 per share. Mar. 1 1 1 Dec. Splish Brothers Inc. uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25,000 Open accounts for (1) Paid-in Capital from Treasury Stock. (2) Treasury Stock, and (3) Retained Earnings. (Post to T-accounts.) (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital from Treasury Stock Treasury Stock > Retained Earnings
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