National Supply s shareholders equity included the following accounts at December 3 1 , 2 0 2
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Question:
National Supplys shareholders equity included the following accounts at December :
Shareholders' Equity
Common stock, million shares at $ par $
Paidin capitalexcess of par
Retained earnings
Required:
National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are a retired and b accounted for as treasury stock.
February Reacquired shares at $ per share.
February Reacquired shares at $ per share.
November Sold shares at $ per share assume FIFO cost
Prepare the shareholders equity section of National Supplys balance sheet at December assuming the shares are a retired and b accounted for as treasury stock. Net income was $ million in $ million in and $ million in No dividends were paid during the threeyear period.
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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