The following transactions occurred for Easy start company beginning in 2012 the first year of operation.
1. Easystart company formed on July 1 2014 by issuing 10,000 shares of its $10 par value common stock for $30 per share. 100,000 shares were authorized by the charter. The company has a fiscal year ending June 30.
2. The company reported a net income of $40,000 during he year ended June 30 2015. There were no other transactions affecting stockholders equity for the year ending June 30 2015.
3. On July 31 2015 the company purchases on the open market 1,000 of its own shares at a cost of 28 per share. Treasury stocks are accounted for under the cost method.
4. A cash dividend of 50 cents per common share was declared on on October 15 2015. And paid on November 15 2015. To stockholders of record on November 1 2015.
5. on June 10 2016, 500 new shares of company common stock were sold at a price of $28 per share.
6. The next day on June 11 2016, 609 shares of treasury stock were sold at a price of $29 per share
7. Net earnings for th year ended June 30 2016 were 14,000
prepqre the stockholders equity section of the balance sheet at June 39 2015 in good form.
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