Acc280 Financial Accounting: E13-7 On January 1, 2010, the stockholders' equity section of Nunez

Acc280 Financial Accounting
E13-7
On January 1, 2010, the stockholders' equity section of Nunez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
1-Mar Purchased 50,000 shares for cash at $15 per share.
1-Jul Sold 10,000 treasury shares for cash at $17 per share.
1-Sep Sold 8,000 treasury shares for cash at $14 per share.

Instructions:
a. Journalize the treasury stock transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
b. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Powered by