acc/291 e11-9 and e12-9

Project Description:

e11-9

on january 1, 2011, the stockholders' equity section of rowen 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.
mar. 1 purchased 50,000 shares for cash at $16 per share.
july 1 sold 10,000 treasury shares for cash at $17 per share.
sept. 1 sold 8,000 treasury shares for cash at $15 per share.





journalize the treasury stock transactions. (for multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
date description/account debit credit
mar.1





july 1








sept. 1














restate the entry for september 1, assuming the treasury shares were sold at $13 per share. (for multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
date description/account debit credit
sept. 1




















e12-9

ryan company purchased 70% of the outstanding common stock of wayne corporation.





explain the relationship between ryan company and wayne corporation.






how should ryan account for its investment in wayne?






why is the accounting treatment described in the previous question useful?
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