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CH18 (15.) Part B During 2018, the Nicklaus Corporation participated in three treasury stock transactions: On...

CH18 (15.)

Part B
During 2018, the Nicklaus Corporation participated in three treasury stock transactions:

  1. On June 30, 2018, the corporation reacquires 280,000 shares for the treasury at a price of $12 per share.
  2. On July 31, 2018, 40,000 treasury shares are reissued at $15 per share.
  3. On September 30, 2018, 40,000 treasury shares are reissued at $10 per share.


Required:
1. Prepare journal entries to record these transactions.
2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2018. (Assume net income for the second and third quarter was $3,050,000.)

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