The shareholders equity section of the balance sheet of TNL Systems Incorporated included the following accounts at
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Question:
The shareholders equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December :
Shareholders' Equity $ in millions
Common stock, million shares at $ par $
Paidin capitalexcess of par
Paidin capitalshare repurchase
Retained earnings
Required:
During TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are a retired and b viewed as treasury stock.
On February TNL Systems purchased million shares at $ per share.
On July the corporation sold million shares at $ per share.
On November the corporation sold million shares at $ per share.
Prepare the shareholders equity section of TNL Systems balance sheet at December comparing the two approaches. Assume all net income earned in was distributed to shareholders as cash dividends.
Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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