Recording and reporting treasury stock transactions
Boley Corporation reports the following information in its January 1, 2011, 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 2011, 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 revenues.
4. Paid $38,000 of cash operating expenses.
Required
a. Provide journal entries to record these transactions.
b. Prepare the stockholders' equity section of the year-end balance sheet.
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