The stockholders' equity section of Metlock, Inc. balance sheet at December 31, 2019, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 490,000 shares authorized; 390,000 issued and outstanding $3,900,000 Paid-in capital in excess of par 1,240,000 Total paid-in capital 5,140,000 Retained earnings 820,000 Total stockholders' equity $5,960,000 During 2020, the following stock transactions occurred: Jan. 18 Issued 82,000 shares of common stock at $22 per share. Aug. 20 Purchased 21,000 shares of Metlock, Inc. common stock at $27 per share to be held in the treasury. Prepare the journal entries to record the above stock transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
The stockholders' equity section of Metlock, Inc. balance sheet at December 31, 2019, appears below: Stockholders' equity Paid-in capital Common stock, $10 par value, 490,000 shares authorized; 390,000 issued and outstanding $3,900,000 Paid-in capital in excess of par 1,240,000 Total paid-in capital 5,140,000 Retained earnings 820,000 Total stockholders' equity $5,960,000 During 2020, the following stock transactions occurred: Jan. 18 Issued 82,000 shares of common stock at $22 per share. Aug. 20 Purchased 21,000 shares of Metlock, Inc. common stock at $27 per share to be held in the treasury. Prepare the journal entries to record the above stock transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The stockholders' equity section of Metlock, Inc. balance sheet at December 31, 2019, appears below:
Stockholders' equity
Paid-in capital
Common stock, $10 par value, 490,000 shares authorized;
390,000 issued and outstanding
$3,900,000
Paid-in capital in excess of par
1,240,000
Total paid-in capital
5,140,000
Retained earnings
820,000
Total stockholders' equity
$5,960,000
During 2020, the following stock transactions occurred:
Jan. 18 Issued 82,000 shares of common stock at $22 per share.
Aug. 20 Purchased 21,000 shares of Metlock, Inc. common stock at $27 per share to be held in the treasury.
Prepare the journal entries to record the above stock transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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