Homework Answers
(1)Retired
|
Date |
General Journal |
Debit |
Credit |
|
Feb 15, 2021 |
Common stock (400000 * $1) |
$400000 |
|
|
Paid in Capital in excess of par (400000 * $7) |
$2800000 |
||
|
Retained earnings |
$800000 |
||
|
Cash (400000 * $10) |
$4000000 |
||
|
Feb 17, 2022 |
Common stock (400000 * $1) |
$400000 |
|
|
Paid in Capital in excess of par (400000 * $7) |
$2800000 |
||
|
Cash (400000 * $7.5) |
$3000000 |
||
|
Paid in Capital from share repurchase |
$200000 |
||
|
Nov 9, 2023 |
Cash (275000 * $9) |
$2475000 |
|
|
Common stock (2750000 * $1) |
$275000 |
||
|
Paid in Capital in excess of par (275000 * $8) |
$2200000 |
||
The average paid-in capital-excess of par is $7 per share ($63,000,000 ÷ 9,000,000 shares)
(1)Treasury Stock
|
Date |
General Journal |
Debit |
Credit |
|
Feb 15, 2021 |
Treasury Stock(400000 * $10) |
$4000000 |
|
|
Cash |
$4000000 |
||
|
Feb 17, 2022 |
Treasury Stock(400000 * $7.5) |
$3000000 |
|
|
Cash |
$3000000 |
||
|
Nov 9, 2023 |
Cash (275000 * $9) |
$2475000 |
|
|
Retained Earnings |
$275000 |
||
|
Treasury Stock (275000 * $10) |
$2750000 |
||
(2)
|
Shareholders Equity |
Retirement |
Treasury Stock |
|
Paid in Capital: |
||
|
Common Stock |
$8475000 |
$9000000 |
|
Paid in Capital in excess of par |
$59600000 |
$63000000 |
|
Paid in Capital Share repurchase |
$200000 |
$0 |
|
Retained Earnings |
$145700000 |
$146225000 |
|
Less: Treasury Stock |
($4250000) |
|
|
Total shareholders equity |
$213975000 |
$213975000 |
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