Corporation had the following stockholdersâ€™ equity accounts on January 1,
Stock ($1 par) $400,000, Paid-in Capital in Excess of Par Value $500,000, and
Earnings $100,000. In 2011, the company had the following treasury stock
Mar. 1 Purchased
5,000 shares at $7 per share.
June 1 Sold
1,000 shares at $10 per share.
Sept. 1 Sold
2,000 shares at $9 per share.
Dec. 1 Sold
1,000 shares at $5 per share.
Corporation uses the cost method of accounting for treasury stock. In 2011, the
company reported net income of $60,000.
the treasury stock transactions, and prepare the closing entry at December 31,
2011, for net
accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and
Earnings. Post to these accounts using J12 as the posting reference.
Prepare the stockholdersâ€™ equity section for Greeve Corporation at December 31,
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