Southern Amusements Corporation had the following stockholders' equity on November 30: On December 30, Southern purchased 275

Question:

Southern Amusements Corporation had the following stockholders' equity on November 30:

STOCKHOLDERS' EQUITY Paid-in capital: Common stock, $5 par, 1,300 shares authorized, 900 shares issued. 4,500 Paid-in ca

On December 30, Southern purchased 275 shares of treasury stock at $14 per share.
Requirements
1. Journalize the purchase of the treasury stock.
2. Prepare the stockholders' equity section of the balance sheet at December 31.
3. How many shares of common stock are outstanding after the purchase of treasurystock?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
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