Question: Please help me with stockholder's equity balance sheet Cheyenne Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value,

 Please help me with stockholder's equity balance sheet Cheyenne Company hasthe following stockholders' equity accounts at December 31, 2020. Common Stock ($100

par value, authorized 7,600 shares) $503,200 Retained Earnings 276,100 (a) Prepare entries

Please help me with stockholder's equity balance sheet

Cheyenne Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 7,600 shares) $503,200 Retained Earnings 276,100 (a) Prepare entries in journal form to record the following transactions, which took place during 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (1) 270 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $21 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 550 shares of outstanding stock were purchased at $106 per share. (6) 370 of the shares purchased in (5) above were resold at $96 per share. Prepare entries in journal form to record the following transactions, which took place during 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) 270 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.) (2) A $21 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $103 per share. (5) 550 shares of outstanding stock were purchased at $106 per share. (6) 370 of the shares purchased in (5) above were resold at $96 per share. Prepare the stockholders' equity section of Cheyenne Company's balance sheet after giving effect to these transactions, assuming that the net income for 2021 was $88,200. State law requires restriction of retained earnings for the amount of treasury stock. (Enter account name only and do not provide descriptive information.) CHEYENNE COMPANY Stockholders' Equity > $ > $ e Textbook and Media List of Accounts Save for Later

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!