During 2018, the Nicklaus Corporation participated in three treasury stock transactions On June 30, 2018, the corporation reacquires 280,000 shares for the treasury at a price of $12 per share On July 31, 2018, 40,000 treasury shares are reissued at $15 per share On September 30, 2018, 40,000 treas...

1 Journal Entries June 30 2018 textTreasury Stock ightarrow textCash text12 per share 28 ...

During 2018, the Nicklaus Corporation participated in three treasury stock transactions: On June 30, 2018, the corporation

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Question:

During 2018, the Nicklaus Corporation participated in three treasury stock transactions:

On June 30, 2018, the corporation reacquires 280,000 shares for the treasury at a price of $12 per share.
On July 31, 2018, 40,000 treasury shares are reissued at $15 per share.
On September 30, 2018, 40,000 treasury shares are reissued at $10 per share.

Required:
1. Prepare journal entries to record these transactions.
2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2018. (Assume net income for the second and third quarter was $3,050,000.)