Darr Co has a balance in its treasury stock account of $81,00o, representing 4000 shares (treasury...
Darr Co has a balance in its treasury stock account of $81,00o, representing 4000 shares (treasury stock/cost method). The par value of the stock is $4 per share.
If Darr resells the treasury stock for $52 per share, what will be credit to paid-in capital - stock repurchase? (not zero)
Homework Answers
![Treasury Stock: It is the stock which is reacquired by the company and has not been retired between the issue price and cost of treasury stock is credited to Paid in Capital Treasury Stock and treasury stock is credited at cost price Cost of Treasury Stock No of Treasury Stock Cost per treasury stock [81000/4000] $81,000 4,000 $20.25 Issue price of treasury stock Less: Cost price of treasury stock($20.25) Profit $52.00 $31.75 Darr resells the treasury stock for $52 per share, then $31.75 will be credited to Paid-in-Capital Stock repurchase](http://img.homeworklib.com/questions/43e0b340-7303-11ea-9283-b58be669e989.png?x-oss-process=image/resize,w_560)
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Darr Co has a balance in its treasury stock account of $81,00o,
representing 4000 shares (treasury...
Darr Co has a balance in its treasury stock account if $81,000, representing 4000 shares. Tha...
Darr Co has a balance in its treasury stock account if $81,000, representing 4000 shares. Tha par value of the stock is $4 per share. Suppose instead of the company sued the retirement/par value method and debited paid-in capital - excess of par of $72,000 when the stock was repurchased. what was the original issue price of the stock per share?
The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $1,500. The corporation...
The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $1,500. The corporation resells 350 shares of its treasury stock. These shares were acquired for $12.00 per share and sold for $1 00 per share. The entry to record the sale of treasury stock includes a debit to Retained Earnings of $3,850 O True O False
Problem 10 Indiana Corp. has a zero balance in its treasury stock account on December 31,...
Problem 10 Indiana Corp. has a zero balance in its treasury stock account on December 31, 2013. During 2014 Indiana had the following transactions regarding treasury stock: March 1: Reacquired 10,000 shares of no-par common stock at $15 per share. June 1: Reissued 4,000 shares of no-par common stock at $17 per share. September 1: Reissued 3,000 shares of no-par common stock at $14 per share. Using the cost method to account for treasury stock, prepare journal entries to record...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year...
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3. Napis Co. is a brand new corporation that has not yet issued any stock. The...
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Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long acquired 16,000 shares of its own common stock at $15 per share. Three months later Long sold 8,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8,000 treasury shares, Long should credit a) treasury stock $152,000 b) Treasury stock for $80,000, and paid-in capital from treasury stock for...
Problem 15-5 Before Ayayai Corporation engages in the treasury stock transactions listed below, its general ledger...
Problem 15-5 Before Ayayai Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share) Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $108,600 $282,900 $75,300 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indente amount is entered. Do not indent...
Crane Company originally issued 4400 shares of $10 par value common stock for $132000 ($30 per...
Crane Company originally issued 4400 shares of $10 par value common stock for $132000 ($30 per share). Crane subsequently purchases 430 shares of treasury stock for $26 per share and resells the 430 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a credit to Common Stock for $11180. credit to Paid-In Capital from Treasury Stock for $2150. debit to Paid-In Capital in Excess of Par of...
Swifty Corporation's balance sheet reported the following: Capital stock outstanding. 4,500 shares, par $30 per share...
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Problem 1 Before Cornell Corporation engaged in the 2017 treasury stock transactions listed below, its general...
Problem 1 Before Cornell Corporation engaged in the 2017 treasury stock transactions listed below, its general ledger reflected, among others, the following account balances. The company uses the FIFO method for treasury stock transactions. Assume no beginning balance in Paid in capital-Treasury stock. Common stock (54,000 shares outstanding, $5 par) $ 270,000 Paid-in capital in excess of par $ 540,000 Retained earnings $1,800,000 The company had the following treasury stock transactions (in chronological order): a. Bought 2,800 shares of treasury...
The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $1,500. The corporation resells 350 shares of its treasury stock. These shares were acquired for $12.00 per share and sold for $1 00 per share. The entry to record the sale of treasury stock includes a debit to Retained Earnings of $3,850 O True O False
Problem 10 Indiana Corp. has a zero balance in its treasury stock account on December 31, 2013. During 2014 Indiana had the following transactions regarding treasury stock: March 1: Reacquired 10,000 shares of no-par common stock at $15 per share. June 1: Reissued 4,000 shares of no-par common stock at $17 per share. September 1: Reissued 3,000 shares of no-par common stock at $14 per share. Using the cost method to account for treasury stock, prepare journal entries to record...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
Problem 15-5 Before Ayayai Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share) Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $108,600 $282,900 $75,300 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indente amount is entered. Do not indent...
Swifty Corporation's balance sheet reported the following: Capital stock outstanding. 4,500 shares, par $30 per share Paid-in capital in excess of par Retained earnings $135,000 79,700 108,500 The following transactions occurred this year: (a) (b) (c) Purchased 190 shares of capital stock to be held as treasury stock, paying $54 per share. Sold 150 of the shares of treasury stock at $59 per share. Sold the remaining shares of treasury stock at $44 per share. Prepare the journal entry for...
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