Hever Rainbow Company provides the following information regarding its most recent balance sheet. (Click the icon to view the data.) Hever Rainbow acquired 22,000 shares of common stock in the open market at a price of $18 per share and retired the shares. What is the journal entry to record this transaction? (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year Data table Stockholders' Equity Common stock, $2 par value, 495,000 shares authorized, 177,500 shares issued and outstanding $ 355,000 Additional paid-in capital in excess of par - common 887,500 Additional paid-in capital - retired shares Retained earnings 214,500 1,743,000 $ 3,200,000 Total stockholders' equity

Hever Rainbow Company provides the following information regarding its most recent balance sheet. (Click the icon to view the data.) Hever Rainbow acquired 22,000 shares of common stock in the open market at a price of $18 per share and retired the shares. What is the journal entry to record this transaction? (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year Data table Stockholders' Equity Common stock, $2 par value, 495,000 shares authorized, 177,500 shares issued and outstanding $ 355,000 Additional paid-in capital in excess of par - common 887,500 Additional paid-in capital - retired shares Retained earnings 214,500 1,743,000 $ 3,200,000 Total stockholders' equity

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 14P: Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet:...

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Wyatt Rainbow Company provides the following information regarding its most recent balance sheet. (Click the icon to view the data.) Wyatt Rainbow acquired 26,000 shares of common stock in the open market at a price of $19 per share and retired the shares. What is the journal entry to record this transaction? (Record debits first, then credits. Exclude explanations from any journal entries.) Account Common Stock Current Year 78,000 Additional Paid-in Capital in Excess of Par - Common Retained Earnings Additional Paid-in Capital - Retired Shares Cash Data table Stockholders' Equity Common stock, $3 par value, 626,500 shares authorized, 175,500 shares issued and outstanding $ 526,500 283,500 Additional paid-in capital in excess of par - common Additional paid-in capital - retired shares 702,000 283,500 494,000 988,000 Retained earnings $ 2,500,000 Total stockholders' equity
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Journalize the entries for these transactions. If required, round the final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.
can you please journalize the transactions and indicate the amount to be reported shares and for common shares at the end of the year
Prepare the journal entry. Post to the T account .
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