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E13.7 (LO 2), AP On January 1, 2022, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earn- ings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. share. Sept. 1 Sold 8,000 treasury shares for cash at $14 per: Instructions a. Journalize the treasury stock transactions. b. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.

E13.7 (LO 2), AP On January 1, 2022, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earn- ings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. share. Sept. 1 Sold 8,000 treasury shares for cash at $14 per: Instructions a. Journalize the treasury stock transactions. b. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.

Intermediate Accounting: Reporting And Analysis
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 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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E13.7 (LO 2), AP On January 1, 2022, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earn- ings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. Sold 10,000 treasury shares for cash at $17 per share. Sold 8,000 treasury shares for cash at $14 per share. July 1 Sept. 1 Instructions a. Journalize the treasury stock transactions. b. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. urohoood from its stockholders 5.000 shares of its own previ-
Transcribed Image Text:E13.7 (LO 2), AP On January 1, 2022, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earn- ings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. Sold 10,000 treasury shares for cash at $17 per share. Sold 8,000 treasury shares for cash at $14 per share. July 1 Sept. 1 Instructions a. Journalize the treasury stock transactions. b. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. urohoood from its stockholders 5.000 shares of its own previ-
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