Question

I-9 Networking Solutions began operations on January 1, 2014, and immediately issued its stock, receiving cash. I-9’s balance sheet at December 31, 2014, reported the following stockholders’ equity:
Common stock, $ 1 par...................... $ 56,000
Additional paid- in capital.................. 394,400
Retained earnings.............................. 41,000
Treasury stock, 500 shares................ (2,000)
Total stockholders’ equity................$ 489,400
During 2014, I- 9
a. Issued stock for $ 8 per share.
b. Purchased 800 shares of treasury stock, paying $ 4 per share.
c. Resold some of the treasury stock.
d. Declared and paid cash dividends.

Requirement
Journalize all of I-9’s stockholders’ equity transactions during the year. I-9’s entry to close net income to Retained Earningswas


$1.99
Sales1
Views73
Comments0
  • CreatedJuly 25, 2014
  • Files Included
Post your question
5000