On January 1, 2022, the stockholders' equity section of Flounder Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,010,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 49,000 shares for cash at $15 per share. July 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 10,500 treasury shares for cash at $14 per share.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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On January 1, 2022, the stockholders' equity section of Flounder Corporation shows common stock ($7 par value) $2,100,000; paid-in
capital in excess of par $1,010,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions
occurred.
Mar. 1 Purchased 49,000 shares for cash at $15 per share.
July 1
Sold 11,500 treasury shares for cash at $17 per share.
Sept.
1
Sold 10,500 treasury shares for cash at $14 per share.
Transcribed Image Text:On January 1, 2022, the stockholders' equity section of Flounder Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,010,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 49,000 shares for cash at $15 per share. July 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 10,500 treasury shares for cash at $14 per share.
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