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Flounder Company had the following stockholders equity as of January 1, 2017 Common stock, $5 par value, 21,000 shares issue
Prepare the stockholders equity section as of April 30, 2017 Net Income for the first 4 months of 2017 was $130,300. Enter c
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Answer #1

Journal entry

Date General journal Debit Credit
Feb 1 Treasury Stock 33320
Cash 33320
Mar 1 Cash 11250
Retained earning 1500
Treasury stock 12750
Mar 18 Cash 6630
Retained earnings 2040
Treasury stock 8670
Apr 22 Cash 10080
Treasury stock 9520
Paid in Capital from sale of treasury stock 560

Stockholder's equity

Common Stock 105000
paid in capital in excess of par value-Common Stock 297000
Paid in Capital from sale of treasury stock 560
Total paid in capital 402560
Retained earnings 312460
715020
Less; Treasury Stock -2380
Total Stockholder's equity 712640
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