The following information pertains to Kwon Corp. at January 1, 2010.

Common stock, $10 par, 50,000 shares authorized, 2,000 shares issued and outstanding	$ 20,000
Paid-in capital in excess of par, common stock	15,000
Retained earnings	65,000

Kwon Corp. completed the following transactions during 2010:

1.	Issued 2,000 shares of $10 par common stock for $25 per share.
2.	Repurchased 200 shares of its own common stock for $22 per share.
3.	Resold 50 shares of treasury stock for $26 per share.

1.

value: 1.00 points

Required information

Required:

(a)	How many shares of common stock were outstanding at the end of the period?

Outstanding at the end of the period

References

eBook & Resources

WorksheetDifficulty: MediumLearning Objective: 08-5

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2.

value: 1.00 points

Required information

(b)	How many shares of common stock had been issued at the end of the period?

Issued at the end of the period

References

eBook & Resources

WorksheetDifficulty: MediumLearning Objective: 08-5

Check my work

3.

value: 1.00 points

Required information

(c)	Organize the transactions data in accounts under the accounting equation. (Amounts to be deducted should be indicated with minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

Kwon Corporation Accounting Equation
Event	Assets	=	Stockholders' Equity
	Cash	=	Comm Stock	+	PIC in Excess CS	+	PIC in Excess TS	-	Treasury Stock
1.
2.
3.
Bal.

References

eBook & Resources

WorksheetDifficulty: MediumLearning Objective: 08-5

Check my work

4.

value: 1.00 points

Required information

(d)	Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response)

Stockholders' Equity
(Click to select)Treasury stockRetained earningsDividendsCommon stockDividends payable	$
(Click to select)Treasury stockRetained earningsDividends payableDividendsPaid-In Capital in Excess of Par, CS
(Click to select)Treasury stockRetained earningsPaid-In Capital in Excess of Cost, TSDividends payableDividends
Total Paid-In Capital		$
(Click to select)DividendsDividends payableRetained earningsCommon stockPaid-In Capital in Excess of Cost, TS
(Click to select)Plus: Treasury stockPaid-In Capital in Excess of Cost, TSCommon stockRetained earningsLess: Treasury stock
Total Stockholders' equity		$