The following information pertains to JAE Corporation at January 1, Year 2:

Common stock, $10 par, 15,000 shares authorized, 3,000 shares issued and outstanding	$ 30,000
Paid-in capital in excess of par, common stock	15,000
Retained earnings	62,000

JAE Corporation completed the following transactions during Year 2:

1. Issued 1,100 shares of $10 par common stock for $28 per share.
2. Repurchased 250 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.

Complete this question by entering your answers in the tabs below.

• Req A and B
• Req C
• Req D

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

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

JAE CORPORATION
Balance Sheet (Partial)
As of December 31, Year 2
Stockholders' Equity
Total paid-in capital		$0
Total stockholders equity		$0

Organize the transactions data in accounts under the accounting equation.

Note: Enter any decreases to account balances with a minus sign.

JAE CORPORATION

Accounting Equation for the Year 2

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

Beginning balance

=

+

+

+

+

1.

=

+

+

+

+

2.

=

+

+

+

+

3.

=

+

+

+

+

Ending balance

0

=

0

+

0

+

0

+

0

0

+

0

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