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30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year

30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. Provide entries to record the treasury stock transactions. Date Jan. 15 Mar. 1 Oct. 15 Cash To record acquisition of common stock Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Cash Account Name Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Dec. 31 Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Less: Treasury stock Total stockholders' equity Stockholders' Equity Section As of December 31 Preferred stock, par $10, 30,000 shares issued and outstanding $ Common stock, nopar, 30,000 shares issued Additional paid-in capital Retained earnings Dr. $ 45000 0 OOO 0 0 0 OOO OOO Cr. 0 45000 0 0 0 0 0 0 0 OOO 0 0 b. Prepare the stockholders' equity section of the balance sheet after these transactions are recorded. • Note: Use a negative sign with contra account(s). Ooo 0 0 OOO
Transcribed Image Text:a. Provide entries to record the treasury stock transactions. Date Jan. 15 Mar. 1 Oct. 15 Cash To record acquisition of common stock Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Cash Account Name Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Dec. 31 Cash Paid-in Capital-Treasury Stock Treasury Stock To record sale of treasury stock Less: Treasury stock Total stockholders' equity Stockholders' Equity Section As of December 31 Preferred stock, par $10, 30,000 shares issued and outstanding $ Common stock, nopar, 30,000 shares issued Additional paid-in capital Retained earnings Dr. $ 45000 0 OOO 0 0 0 OOO OOO Cr. 0 45000 0 0 0 0 0 0 0 OOO 0 0 b. Prepare the stockholders' equity section of the balance sheet after these transactions are recorded. • Note: Use a negative sign with contra account(s). Ooo 0 0 OOO
Han Tire Corporation has outstanding 30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year. Jan. 15: Purchased 1,500 shares of its common stock at $30 per share for the treasury. Mar. 1: Sold 300 shares of the common treasury stock for $26 per share. Oct. 15: Sold 150 shares of the common treasury stock for $32 per share. Dec. 31: Sold 150 shares of the common treasury stock for $29 per share.
Transcribed Image Text:Han Tire Corporation has outstanding 30,000 shares of preferred stock, $10 par, and also 30,000 shares of no-par common stock sold initially for $20 per share. Paid-in capital in excess of par on the preferred stock is $120,000. The retained earnings balance is $244,800. The company then enters into the following transactions during the year. Jan. 15: Purchased 1,500 shares of its common stock at $30 per share for the treasury. Mar. 1: Sold 300 shares of the common treasury stock for $26 per share. Oct. 15: Sold 150 shares of the common treasury stock for $32 per share. Dec. 31: Sold 150 shares of the common treasury stock for $29 per share.
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