Recording and reporting treasury stock transactions
The following information pertains to Smoot Corp. at January 1, 2012.
Common stock, $10 par, 10,000 shares authorized 2,000 shares issued and outstanding |
$20,000 |
Paid-in capital in excess of par, common stock | 15,000 |
Retained earnings | 65,000 |
Smoot Corp. completed the following transactions during 2012:
1.Issued 1,000 shares of $10 par common stock for $28 per share.
2.Repurchased 200 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.
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