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The following information pertains to JAE Corporation January 1, Year 1. Common stock, $10 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital
The following information pertains to JAE Corporation January 1, Year 1. Common stock, $10 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $ 28,000 14,400 68,600 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,000 shares of $10 par common stock for $28 per share. 2. Repurchased 170 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? c1. Prepare journal entries for these transactions. c2. Post the journal entries to T-accounts. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Reg A to B Reg C1 Reg C2 Req D 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 the end of the period? a. Outstanding shares at the end of the period Issued shares at the end of the period b ( Req A to B ReqC1 > Req A to B Req C1 Req C2 Req D Prepare journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Issued 1,000 shares of $10 par common stock for $28 per share. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Req A to B Req C1 Req c2 Reg D Post the journal entries to T-accounts. Cash (partial) Common Stock Beginning Balance Beginning Balance Ending Balance Ending Balance Treasury Stock Paid-in Capital in Excess of Par Value-Common Stock Beginning Balance Beginning Balance Ending Balance Ending Balance Paid-in Capital in Excess of Cost of Treasury Stock Beginning Balance Ending Balance Req A to B Reg C1 Reg C2 Req D Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts to be deducted should be indicated with minus sign.) Stockholders' equity Total paid-in capital $ 0 Total stockholders' equity $ 0
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