During 2018, the Nicklaus Corporation participated in three treasury stock transactions:a. On June 30, 2018, the corporation reacquires 200,000 shares for the treasury at a price of $12 per share.b. On July 31, 2018, 50,000 treasury shares are reissued at $15 per share.c. On September 30, 2018, 50,000 treasury shares are reissued at $10 per share.Required:1. Prepare journal entries to record these transactions.2. Prepare the Nicklaus Corporation shareholders’ equity section as it would appear in a balance sheet preparedat September 30, 2018. (Assume net income for the second and third quarter was $3,000,000.)
During 2018, the Nicklaus Corporation participated in three treasury stock transactions:a. On June 30, 2018, the corporation reacquires 200,000 shares for the treasury at a price of $12 per share.b. On July 31, 2018, 50,000 treasury shares are reissued at $15 per share.c. On September 30, 2018, 50,000 treasury shares are reissued at $10 per share.Required:1. Prepare journal entries to record these transactions.2. Prepare the Nicklaus Corporation shareholders’ equity section as it would appear in a balance sheet preparedat September 30, 2018. (Assume net income for the second and third quarter was $3,000,000.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19P: Anoka Company reported the following selected items in the shareholders equity section of its...
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During 2018, the Nicklaus Corporation participated in three
a. On June 30, 2018, the corporation reacquires 200,000 shares for the treasury at a price of $12 per share.
b. On July 31, 2018, 50,000 treasury shares are reissued at $15 per share.
c. On September 30, 2018, 50,000 treasury shares are reissued at $10 per share.
Required:
1. Prepare
2. Prepare the Nicklaus Corporation shareholders’ equity section as it would appear in a
at September 30, 2018. (Assume net income for the second and third quarter was $3,000,000.)
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