Ayayai Corporation had the following stockholders equity accounts on January 1, 2020: Common Stock ($4 par) $400,000,
Fantastic news! We've Found the answer you've been seeking!
Question:
Ayayai Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($4 par) $400,000, Paid-in Capital in Excess of Par—Common Stock $175,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions.
Mar. | 1 | Purchased 5,500 shares at $8 per share. | |
June | 1 | Sold 1,000 shares at $12 per share. | |
Sept. | 1 | Sold 1,000 shares at $10 per share. | |
Dec. | 1 | Sold 1,000 shares at $6 per share. |
Ayayai Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported a net income of $25,000.
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date: