The stockholders equity section of Bellwood Brands 2015 balance sheet is presented below Stockholders Equity Common Stock no par, 100,000 shares authorized, 1,000 shares issued and outstanding $ 90,000 Retained Earnings 360,000 Less Cost of Treasury Stock 0 Total Stockholders Equity $ 450,000 Durin...

a The journal entry to record the share repurchase is as follows Account November9 Treasury Stock200 ...

The stockholders equity section of Bellwood Brands 2015 balance sheet is presented below: Stockholders Equity Common Stock

Question:

The stockholders’ equity section of Bellwood Brands’ 2015 is presented below:
Stockholders’
Equity – no par, 100,000 shares authorized, 1,000 shares issued and outstanding………………………………………………………………. $ 90,000
Retained Earnings……………………………………………………….. 360,000
Less: Cost of Treasury Stock …………………………………………0
Total Stockholders’ Equity $ 450,000
During 2016, Bellwood completed the following transactions:
• November 9, 2016: Purchased 200 shares of its own stock to be held in the treasury. The cost was $ 90 per share.
• November 17, 2016: Declared and paid a cash of $ 5 per share.
• November 30, 2016: Sold 100 treasury shares for $ 80 per share.
• December 31, 2016: Reported $ 50,000 net income for the year.
Required
a. Prepare the journal entries necessary to record the above transactions.
b. Based on the information provided, prepare the statement of stockholders’ equity and the stockholders’ equity section of the for Bellwood Brands at December 31, 2016. Common Stock
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