Pharoah Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 21,000 shares issued $105,000 Paid-in capital in excess of par-common stock 298,000 Retained earnings 322,000 Total stockholders' equity $725,000 During 2020, the following transactions occurred. Feb. 1 Mar. 1 Pharoah repurchased 2,130 shares of treasury stock at a price of $18 per share. 880 shares of treasury stock repurchased above were reissued at $16 per share. 450 shares of treasury stock repurchased above were reissued at $13 per share. 650 shares of treasury stock repurchased above were reissued at $21 per share. Mar. 18. Apr. 22

Pharoah Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 21,000 shares issued $105,000 Paid-in capital in excess of par-common stock 298,000 Retained earnings 322,000 Total stockholders' equity $725,000 During 2020, the following transactions occurred. Feb. 1 Mar. 1 Pharoah repurchased 2,130 shares of treasury stock at a price of $18 per share. 880 shares of treasury stock repurchased above were reissued at $16 per share. 450 shares of treasury stock repurchased above were reissued at $13 per share. 650 shares of treasury stock repurchased above were reissued at $21 per share. Mar. 18. Apr. 22

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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