The balance sheet for New Hampshire Sheet Metal Inc , reported the following components of stockholders equity on December 31, 2020XX1 Common stock , $10 par value, 200,000 shares authorized 40,000 shares issued and outstanding $400,000 Contributed capital in excess of par value, common stock 60,00...

Jan 6 Treasury Stock 180000 Cash 180000 ...

The balance sheet for New Hampshire Sheet Metal Inc., reported the following components of stockholders equity on

Question:

The for New Hampshire Sheet Metal Inc., reported the following components of stockholders’ equity on December 31, 2020XX1:
, $10 par value, 200,000 shares authorized
40,000 shares issued and outstanding........... $400,000
Contributed capital in excess of par value, common stock ..... 60,000
Retained Earnings.................... 270,000
Total stockholders’ equity ................. $ 730,000
Jan 6 Purchased 9,000 shares of treasury stock at $20.00 cash per share.
Aug 1 Sold 4,000 of the treasury shares at $27.00 per share.
Sept 6 Sold 5,000 of the treasury shares at $12.00 per share.

Required:
Prepare the necessary journal entries for the transactions that the company completed during 20X2:

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...