National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...
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National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 3 million shares at $1 $ 3,000,000 par Paid-in capital-excess of par Retained earnings 21,ee0, e00 83, 500, ee0 Required: 1. 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 15, 2021 Reacquired 280,000 shares at $10 per share. February 17, 2022 Reacquired 280,000 shares at $7.50 per share. Sold 185,000 shares at $9 per share (assume FIFO November 9, 2023 cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2021, $20 million in 2022, and $21 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Reg 1 Retired Req 1 Treasury Stock Req 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 > Record the purchase of shares on February 15, 2021 for retirement. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2021 View transaction list Journal entry worksheet 1 2 3 <> Record the purchase of 280,000 shares at $10 per share on February 15, 2021 that are accounted for as treasury stock. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2021 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the shareholders' equity section of National Supply's balance sheet at Decem (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 202 in 2023. No dividends were paid during the three-year period. (Enter your answers in Shareholders' Equity Retirement Treasury stock Paid-in capital: Total shareholders' equity < Req 1 Treasury Stock Req 2 National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 3 million shares at $1 $ 3,000,000 par Paid-in capital-excess of par Retained earnings 21,ee0, e00 83, 500, ee0 Required: 1. 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 15, 2021 Reacquired 280,000 shares at $10 per share. February 17, 2022 Reacquired 280,000 shares at $7.50 per share. Sold 185,000 shares at $9 per share (assume FIFO November 9, 2023 cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2021, $20 million in 2022, and $21 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Reg 1 Retired Req 1 Treasury Stock Req 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 > Record the purchase of shares on February 15, 2021 for retirement. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2021 View transaction list Journal entry worksheet 1 2 3 <> Record the purchase of 280,000 shares at $10 per share on February 15, 2021 that are accounted for as treasury stock. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2021 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the shareholders' equity section of National Supply's balance sheet at Decem (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 202 in 2023. No dividends were paid during the three-year period. (Enter your answers in Shareholders' Equity Retirement Treasury stock Paid-in capital: Total shareholders' equity < Req 1 Treasury Stock Req 2
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Answer rating: 100% (QA)
ANSWER 1 a Retired Avaerage paidin capitalexcess of parPaidin capital in excess pf parNumber of shar... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date:
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