Weldon Wire has issued 2,500,000 shares of $2 par common stock at an average price of $10per

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Weldon Wire has issued 2,500,000 shares of $2 par common stock at an average price of $10 per share. Of these, 100,000 shares were repurchased during the year for $15 each and retired. Another 200,000 shares of the shares were repurchased for $17 each and are being held for later use. There were no other common stock transactions during the year.

Required:
Determine the balance in each of the following shareholders’ equity accounts: Common stock—par; Additional paid-in capital; and Treasury stock.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Financial Reporting and Analysis

ISBN: 978-0078025679

6th edition

Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon

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