Mallard Corporation had the following stockholder's equity at the first of the year: Common Stock ($6...

 

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Mallard Corporation had the following stockholder's equity at the first of the year: Common Stock ($6 par) $600,000, Paid in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings of $100,000. a. Journalize the following entries: 1-Mar Purchased 7,000 shares of treasury stock at $9 per share. DR 1-Jun Sold 3,000 shares of treasury stock at $12 per share. 1-Sep Sold 1,000 shares of treasury stock at $11 per share. 1-Dec Sold 1,500 shares of treasury stock at $6 per share. In class b. In the current year, the company reported net income of $30,000. c. How many shares are outstanding at the end of the year? CR Mallard Corporation had the following stockholder's equity at the first of the year: Common Stock ($6 par) $600,000, Paid in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings of $100,000. a. Journalize the following entries: 1-Mar Purchased 7,000 shares of treasury stock at $9 per share. DR 1-Jun Sold 3,000 shares of treasury stock at $12 per share. 1-Sep Sold 1,000 shares of treasury stock at $11 per share. 1-Dec Sold 1,500 shares of treasury stock at $6 per share. In class b. In the current year, the company reported net income of $30,000. c. How many shares are outstanding at the end of the year? CR

Answer rating: 100% (QA)

a Journal entries 1Mar Debit Treasury Stock 63000 7000 shares at 9 per share Credit Cash 63000 1Jun ... View the full answer