Recording Stockholders' Equity Transactions (P11-6)
Whole Foods Market, Inc., is the world’s leading natural and organic foods supermarket. The company is based in Austin, Texas, and conducts business through various wholly-owned subsidiaries. The following information was contained in the company’s balance sheet (amounts in thousands):
| Current Year | Prior Year |
Shareholders’ equity: |
|
|
Common stock, no par value | 1,147,872 | 874,972 |
Common stock in treasury, at cost | (99,964) | — |
Retained earnings | 349,260 | 486,299 |
Required:
Prepare journal entries to record the issuance of common stock and the purchase of treasury stock in the current year. During the current year, the company earned net income of $203,828 million. Record the declaration and payment of dividends, if any, during the current year.
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