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The following information pertains to JAE Corp. at January 1, 2016: Common stock, $8 par, 11,000 shares authorized, 2,200 shares issued and outstanding $17,600 Paid-in
The following information pertains to JAE Corp. at January 1, 2016: |
Common stock, $8 par, 11,000 shares authorized, 2,200 shares issued and outstanding | $17,600 |
Paid-in capital in excess of par, common stock | 16,700 |
Retained earnings | 50,700 |
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JAE Corp. completed the following transactions during 2016: |
1. | Issued 700 shares of $8 par common stock for $28 per share. |
2. | Repurchased 220 shares of its own common stock for $25 per share. |
3. | Resold 50 shares of treasury stock for $26 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. | Prepare journal entries for these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) | ||
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