Splish Company had the following stockholders' equity as of January 1,2020 .
Splish Company had the following stockholders' equity as of January 1,2020 .
Common stock, $ 5 par value, 18,800 shares issued $ 94,000
Paid-in capital in excess of par-common stock 298,000
Retained earnings 319,000
Total stockholders' equity $711,000
During 2020 , the following transactions occurred.
Feb. 1 Splish repurchased 2,100 shares of treasury stock at a price of $ 21 per share.
Mar. 1 780 shares of treasury stock repurchased above were reissued at $ 19 per share.
Mar. 18 510 shares of treasury stock repurchased above were reissued at $ 13 per share.
Apr. 22 590 shares of treasury stock repurchased above were reissued at $ 23 per share.
Prepare the journal entries to record the treasury stock transactions in 2020 , assuming Splish uses the cost method.
Homework Answers
Stockholder's equity
April 30,2020
| Common Stock | 94000 |
| Paid in capital in excess of par value-Common Stock | 298000 |
| Paid in capital from sale of treasury stock | 1180 |
| Total paid in capital | 393180 |
| Retained earnings | 442460 |
| 835640 | |
| Less; Treasury stock | -4620 |
| Total Stockholder's equity | 831020 |
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Splish Company had the following stockholders' equity as of January 1,2020 .
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