Question

Frontier, Inc., had the following stockholders’ equity on November 30:
Stockholders’ Equity
Paid-in Capital:
Common Stock, $4 par, 500,000 shares authorized,
90,000 shares issued and outstanding......... $ 360,000
Paid-in Capital in Excess of Par.......... 450,000
Total Paid-in Capital.............. 810,000
Retained Earnings................ 550,000
Total Stockholders’ Equity............ $1,360,000

On December 10, Frontier purchased 2,000 shares of treasury stock at $13 per share.

Requirements
1. Journalize the purchase of the treasury stock.
2. Prepare the stockholders’ equity section of the balance sheet at December 31.



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  • CreatedApril 29, 2014
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