Part BDuring 2023, the Nicklaus Corporation participated in three treasury shares transactions:On June 30, 2023, the corporation reacquires 200,000 shares for the treasury at a price of $12a.per share.b. On July 3, 2023, 50,000 treasury shares are reissued at $15 per share.c. On September 30, 2023, 50,000 treasury shares are reissued at $10 per share.Required:1. Prepare journal entries to record these transactions.2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a statementof financial position prepared at September 30, 2023. (Assume that net profit for the second andthird quarters combined was $3,000,000.)

Required journal entries are as follows: Result:

Part B During 2023, the Nicklaus Corporation participated in three treasury shares transactions: On June 30, 2023, the corporation reacquires 200,000 shares for the treasury at a price of $12 per share. b. On July 31, 2023, 50,000 treasury shares are reissued at $15 per share. c. On September 30, 2023, 50,000 treasury shares are reissued at $10 per share. a. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation sharcholders' equity section as it would appear in a statement of financial position prepared at September 30, 2023. (Assume that net profit for the second and third quarters combined was $3,000,000.)

Part B During 2023, the Nicklaus Corporation participated in three treasury shares transactions: On June 30, 2023, the corporation reacquires 200,000 shares for the treasury at a price of $12 per share. b. On July 31, 2023, 50,000 treasury shares are reissued at $15 per share. c. On September 30, 2023, 50,000 treasury shares are reissued at $10 per share. a. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation sharcholders' equity section as it would appear in a statement of financial position prepared at September 30, 2023. (Assume that net profit for the second and third quarters combined was $3,000,000.)

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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