The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.
The
a. Re-issued 2,000 of the treasury shares for $11 per share.
b. Re-issued 3,000 of the treasury shares for $13 per share.
c. Issued 5,000 shares of previously un-issued common stock for $21 per share.
d. Re-issued 6,000 of the treasury shares for $19 per share.
Calculate the balance in the retained earnings account after all four transactions above are recorded.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
