Requirement a:
Shares | |
Beginning | 20,000 |
New issue | 3,000 |
Treasury stock | -500 |
Sale of treasury stock | 200 |
Outstanding shares at the end of the period | 22,700 |
Requirement b:
Total shares issued are 20,000+3,000=23,000 shares
Requirement c:
JAE CORPORATION | |||||||||||||
Accounting equation for the year 2018 | |||||||||||||
Event | Assets | = | Liabilities | + | Stockholders' Equity | ||||||||
Cash | Common stock | + |
Paid-in capital in excess Common stock |
+ |
Paid-in capital in excess Treasury stock |
- |
Treasury Stock |
+ |
Retained Earnings |
||||
Beg. Bal. | = | + | $20,000 | + | $15,000 | + | - | + | $82,000 | ||||
1 | = | + | $30,000 | + | $45,000 | + | - | + | |||||
2 | = | + | + | + | - | $13,000 | + | ||||||
3 | = | + | + | + | $800 | - | ($5,200) | + | |||||
End. Bal. | = | + | $50,000 | + | $60,000 | + | $800 | - | $7,800 | + | $82,000 |
1. Common stock = 3,000 x $10 = $30,000
Paid-in capital in excess common stock = 3,000 x $15 (25 issue price-10 par) =$45,000
2. Treasury stock = 500 x $26 = $13,000
3. Sale of treasury stock = 200 x $ 30 = $6,000
Reduction from treasury stock = 200 x $26 = $ 5,200
Paid-in capital in excess treasury stock = 200 x $4 (30-26) = $800
Requirement d:
JAE CORPORATION | ||
Balance Sheet (Partial) | ||
As of December 31 | ||
Stockholders' Equity: | ||
Common stock | $50,000 | |
Paid-in capital in excess common stock | $60,000 | |
Paid-in capital in excess Treasury stock | $800 | |
Retained earnings | $82,000 | |
Total paid in capital | $192,800 | |
(Less): Treasury stock | ($7,800) | |
Total stockholder's equity | $185,000 |
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