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TheNichols Corp. had the following treasury stock transactions. 1-Sep The company purchased 1,000 shares of its common stock for $40 per share for the treasury.
TheNichols Corp. had the following treasury stock transactions. | |||
1-Sep | The company purchased 1,000 shares of its common stock for $40 per share | ||
for the treasury. | |||
1-Oct | 400 of the treasury shares were sold for $42 per share. | ||
1-Nov | 300 treasury shares were sold at $35 per share. | ||
Prepare the necessary journal entries for the above transactions. |
The following accounts appear in the ledger of Holiday Company at December 31, 2019. | |||
Common Stock, $1 stated value, 100,000 shares authorized, 30,000 shares | |||
issued | 30,000 | ||
Common Stock Dividend Distributable | 10,000 | ||
Paid in capital in excess of stated value - common stock | 500,000 | ||
6 % Preferred Stock, $50 par value, 10,000 shares authorized, 1,000 | |||
shares issued | 50,000 | ||
Retained Earnings | 40,000 | ||
Treasury Stock (1,000 shares common) | 15,000 | ||
Paid in capital in excess of par - preferred stock | 300,000 | ||
Paid in capital - Treasury stock | 5,000 | ||
Prepare the stockholders' equity section of the balance sheet at December 31, 2019 | |||
Holiday Company | |||
Balance Sheet (partial) | |||
as of December 31, 2019 | |||
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