On January 1, 2011, the stockholders equity section of Rowen Corporation shows: common stock ($5 par value)
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Question:
On January 1, 2011, the stockholders’ equity section of Rowen Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 60,000 shares for cash at $18 per share.
July 1 Sold 15,000 treasury shares for cash at $19 per share.
Sept. 1 Sold 10,000 treasury shares for cash at $17 per share.
Instructions
(a) Journalize the treasury stock transactions.
(b) Restate the entry for September 1, assuming the treasury shares were sold at $13 per share.
Related Book For
Fundamentals of Thermodynamics
ISBN: 978-0471152323
6th edition
Authors: Richard E. Sonntag, Claus Borgnakke, Gordon J. Van Wylen
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