As of December 31, 2018, Warner Corporation reported the following: Dividends payable $ 25,000 Treasury...
As of December 31, 2018, Warner Corporation reported the
following:
| Dividends payable | $ | 25,000 | |
| Treasury stock | 650,000 | ||
| Paid-in capital—share repurchase | 25,000 | ||
| Other paid-in capital accounts | 4,500,000 | ||
| Retained earnings | 3,500,000 | ||
During 2019, half of the treasury stock was resold for $250,000;
net income was $650,000; cash dividends declared were $1,550,000;
and stock dividends declared were $550,000.
The 2019 sale of half of the treasury stock would:
Homework Answers
| The journal entry for sale of treasury stock is: | ||
| Accounts Title and Explanation | Debit | Credit |
| Cash | $250,000 | |
| Paid-in capital—share repurchase | $25,000 | |
| Retained earnings(plug / Bal. Figure) | $50,000 | |
| Treasury stock ($650,000 / 2) | $325,000 | |
|
Conclusion : Sale of Half of Treasury stock would Reduce
retained earnings by $50,000 |
||
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As of December 31, 2018, Warner Corporation reported the
following:
Dividends
payable
$
25,000
Treasury...
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