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The following information pertains to ABC Corp. at January 1, Year 2: Common stock, $9 par, 12,000 shares authorized, 2,400 shares issued and outstanding $
The following information pertains to ABC Corp. at January 1, Year 2:
Common stock, $9 par, 12,000 shares authorized, 2,400 shares issued and outstanding | $ | 21,600 | |
Paid-in capital in excess of par, common stock | 12,200 | ||
Retained earnings | 70,000 | ||
ABC Corp. completed the following transactions during Year 2:
- Issued 1,100 shares of $9 par common stock for $27 per share.
- Repurchased 200 shares of its own common stock for $24 per share.
- Resold 50 shares of treasury stock for $25 per share.
Required
- How many shares of common stock were outstanding at the end of the period?
- How many shares of common stock had been issued at the end of the period?
- Organize the transactions data in accounts under the accounting equation.
- Prepare the stockholders equity section of the balance sheet reflecting these transactions.
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