Question

The following information pertains to JAE Corp. at January 1, $33,000 14,500 Common stock, $11 par, 15,e00 shares authorized, 3,e00 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings 51,700 JAE Corp. completed the following transactions during 2018: 1. Issued 1,050 shares of $11 par common stock for $28 per share. 2. Repurchased 170 shares of its own common stock for $25 per share. 3. Resold 50 shares of treasury stock for $26 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock Complete this question by entering your answers in the tabs below. Req C Req A and B Req D Organize the transactions data in accounts under the accounting equation. (Enter any decreases to account balances with a minus sign.) JAE CORPORATION Accounting Equation for the Year 2018 Stockholders' Equity Assets Paid-in Capital Paid-in Capital Event Liabilities+ +Common Treasury Retained Cash In Excess In Excess Stock Stock Earnings Treasury Stock Common Stock Beg. bal + + 1 2 + 3. + + End. bal 0+ 0= 0+ 0 0 Req A and B Req D

Answer 1

Answer

• Requirement C asked

Event	Cash	Liabilities	Common Stock	PIC in excess Common Stock	PIC in excess Treasury Stock	Treasury Stock	Retained Earnings
Beg Bal			$33,000	$14,500			$51,700
1	$29,400		$11,550	$17,850
2	($4,250)					$4,250
3	$1,300				$50	($1,250)
End bal	$26,450	$0	$44,550	$32,350	$50	$3,000	$51,700

--Working

Event	Cash	Liabilities	Common Stock	PIC in excess Common Stock	PIC in excess Treasury Stock	Treasury Stock	Retained Earnings
Beg Bal			=3000*11	14500			51700
1	=1050*28		=1050*11	=1050*17
2	=-170*25					=170*25
3	=50*26				=50*1	=-50*25