On January 1, 2022, the stockholders’ equity section of Metlock, Inc. shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1   Purchased 51,000 shares for cash at $15 per share. July 1   Sold 11,000 treasury shares for cash at $17 per share. Sept.   1   Sold 9,000 treasury shares for cash at $14 per share. Journalize the treasury stock transactions.

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.