Recording and reporting treasury stock transactions
Boley Corporation reports the following information in its January 1, 2012, balance sheet:
Stockholders’ equity |
|
Common stock, $10 par value, |
|
50,000 shares authorized, 30,000 shares issued and outstanding | $300,000 |
Paid-in capital in excess of par value | 150,000 |
Retained earnings | 100,000 |
Total stockholders’ equity | $550,000 |
During 2012, Boley was affected by the following accounting events.
1.Purchased 1,000 shares of treasury stock at $18 per share.
2.Reissued 600 shares of treasury stock at $20 per share.
3.Earned $64,000 of cash service revenues.
4.Paid $38,000 of cash operating expenses.
Required
Prepare the stockholders' equity section of the year-end balance sheet
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