Question

Pioneer Amusements Corporation had the following stockholders’ equity on November 30:
Stockholders' Equity
Paid-In Capital:
Common Stock—$5 Par Value; 1,300 shares authorized, 130 shares issued and outstanding ................ $ 650
Paid-In Capital in Excess of Par—Common .... 1,950
Total Paid-In Capital ............. 2,600
Retained Earnings ............. 52,000
Total Stockholders' Equity ......... $ 54,600
On December 30, Pioneer purchased 100 shares of treasury stock at $11 per share.
Requirements
1. Journalize the purchase of the treasury stock.
2. Prepare the stockholders’ equity section of the balance sheet at December 31,
2016. Assume the balance in retained earnings is unchanged from November 30.
3. How many shares of common stock are outstanding after the purchase of treasury stock?


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  • CreatedJune 15, 2015
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