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The following information pertains to JAE Corp. at January 1, Year 2: JAE Corp. completed the following transactions during Year 2: 1. Issued 1,100 shares
The following information pertains to JAE Corp. at January 1, Year 2: JAE Corp. completed the following transactions during Year 2: 1. Issued 1,100 shares of $9 par common stock for $30 per share. 2. Repurchased 250 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. How many shares of common stock were outstanding and issued at the end of the period? Organize the transactions data in accounts under the accounting equation. (Enter any decreases to account balances with a minus sign.) \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{14}{|c|}{ JAE CORPORATION } \\ \hline \multicolumn{14}{|c|}{ Accounting Equation for the Year 2} \\ \hline \multirow[b]{2}{*}{ Event } & \multirow{2}{*}{\begin{tabular}{c} Assets \\ Cash \end{tabular}} & \multirow[b]{2}{*}{=} & \multirow[b]{2}{*}{ Liabilities } & \multirow[b]{2}{*}{+} & \multicolumn{9}{|c|}{ Stockholders' Equity } \\ \hline & & & & & \begin{tabular}{c} Common \\ Stock \end{tabular} & + & \begin{tabular}{l} Paid-in Capital \\ In Excess \\ Common Stock \end{tabular} & + & \begin{tabular}{l} Paid-in Capital \\ In Excess \\ Treasury Stock \end{tabular} & - & \begin{tabular}{c} Treasury \\ Stock \end{tabular} & + & \begin{tabular}{l} Retained \\ Earnings \end{tabular} \\ \hline Beg. bal. & & = & & + & & + & & + & & - & & + & \\ \hline 1. & & = & & + & & + & & + & & - & & + & \\ \hline 2. & & = & & + & & + & & + & & - & & + & \\ \hline 3. & & = & & + & & + & & + & 50 & - & & + & \\ \hline End. bal. & 0 & = & & + & & + & & + & 50 & - & 0 & + & 0 \\ \hline \end{tabular}
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