EBK SOUTH-WESTERN FEDERAL TAXATION 2019
42nd Edition
ISBN: 9781337671927
Author: Raabe
Publisher: Cengage Learning
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Novak Company has the following stockholders' equity accounts at December 31, 2025.
Common Stock ($100 par value, authorized 7,600 shares) $459,100
Retained Earnings 266,700
a. Prepare entries in journal form to record the following transactions, which took place during 2026
1. 290 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)
2. A $22 per share cash dividend was declared.
3. The dividend declared in (2) above was paid.
4. The treasury shares purchased in (1) above were resold at $101 per share.
5. 500 shares of outstanding stock were purchased at $103 per share.
6. 380 of the shares purchased in (5) above were resold at $96 per share.
b. Prepare the stockholders' equity section of Novak Company's balance sheet after giving effect to these transactions, assuming that the net income for 2026 was $86,300. State law requires restriction of retained earnings for the amount of treasury stock. The answer is not 705,118
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