The following information pertains to JAE Corp. at January 1, 2018:

Common stock, $10 par, 13,000 shares authorized, 2,600 shares issued and outstanding	$	26,000
Paid-in capital in excess of par, common stock		17,500
Retained earnings		56,300

JAE Corp. completed the following transactions during 2018:

1. Issued 1,150 shares of $10 par common stock for $28 per share.
2. Repurchased 210 shares of its own common stock for $25 per share.
3. Resold 50 shares of treasury stock for $26 per share.

Required:

1. How many shares of common stock were outstanding at the end of the period?
2. How many shares of common stock had been issued at the end of the period?
3. Organize the transactions data in accounts under the accounting equation.
4. Prepare the stockholders equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.

How many shares of common stock were outstanding and issued at the end of the period?

a.	Outstanding shares at the end of the period
b.	Issued shares 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.)

JAE CORPORATION

Accounting Equation for the Year 2018

Event

Assets

=

Liabilities

+

Stockholders Equity

Cash

Common Stock

+

Paid-in Capital In Excess Common Stock

+

Paid-in Capital In Excess Treasury Stock

Treasury Stock

+

Retained Earnings

Beg. bal.

=

+

+

+

+

1.

=

+

+

+

+

2.

=

+

+

+

+

3.

=

+

+

+

+

End. bal.

=

+

+

+

+

Prepare the stockholders equity section of the balance sheet reflecting these transactions.

JAE CORPORATION
Balance Sheets (Partial)
As of December 31
Stockholders' Equity
Total paid-in capital
Total stockholders equity