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On January 1, 2022, the stockholders' equity section of Sheffield Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sold 8,500 treasury shares for cash at $14 per share. Sept. 1

On January 1, 2022, the stockholders' equity section of Sheffield Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sold 8,500 treasury shares for cash at $14 per share. Sept. 1

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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On January 1, 2022, the stockholders' equity section of Sheffield Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. 1 Sold 10,000 treasury shares for cash at $17 per share. Sold 8,500 treasury shares for cash at $14 per share. July Sept. 1
Transcribed Image Text:On January 1, 2022, the stockholders' equity section of Sheffield Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. 1 Sold 10,000 treasury shares for cash at $17 per share. Sold 8,500 treasury shares for cash at $14 per share. July Sept. 1
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