Question: HELP URGENT PLEASE ANSWER QUESTION 1 AND 2 subject : Accounting The company began business on January 1 st . Its Balance Sheet on December
HELP URGENT
PLEASE ANSWER QUESTION 1 AND 2
subject : Accounting
The company began business on January 1st. Its Balance Sheet on December 31st contained the Shareholders Equity as follows:
During the year Colgate engaged in the following capital stock transactions:
- Issued shares for 15 each.
- Acquired 300 shares for the treasury in a single transaction.
- Reissued some of the treasury shares.
QUESTION :
Assume that those were all of the common stock transactions during the year.
1.- What was the price at which it reissued the treasury shares?
2.- What journal entries did it make during the year?
The company began business on January 1st. It's Balance Sheet on December 31st contained the Shareholder's Equity as follows: Shareholder's Equity Colgate Palmolive corp. Common Stock (10 par value) Additional paid in capital Retained earnings Less 180 shares held in treasury Total Shareholder's Equity 30.000 15.720 6.000 -3.600 48.120 During the year Colgate engaged in the following capital stock transactions: a) Issued shares for 15 each. b) Acquired 300 shares for the treasury in a single transaction. c) Reissued some of the treasury shares. Assume that those were all of the common stock transactions during the year. 4.- What was the price at which it reissued the treasury shares? (12 points) 5.- What journal entries did it make during the year? (16 points)
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