Mior Inc. engaged in the following transactions involving its common stock during 2023. Prior to these transactions,
Question:
Mior Inc. engaged in the following transactions involving its common stock during 2023. Prior to these transactions, the company did not have any shares of stock in its treasury.
On 2/01/23 the company issued 15,000 shares of $3 par common stock for $25 cash per share.
On 6/15/23, Mior Inc. purchased 4,000 shares of common stock for its treasury, paying $20 cash per share.
On 8/20/23 the company resold 1,500 shares from its treasury for $23 cash per share.
On 9/16/23 the company resold another 2,000 shares from its treasury in exchange for equipment with a fair value of $40.000.
On 11/08/23 the company resold the remaining 500 shares of treasury stock in exchange for $15 cash per share.
- Record the journal entries for each transaction, identifying them by date. Please omit the journal entry descriptions.
- What is the balance in the APIC - Treasury Stock account after the last of the transactions above?
Expert Answer:
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
