Southern Amusements Corporation had the following stockholders' equity on November 30: (Click the icon to view...

 

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Southern Amusements Corporation had the following stockholders' equity on November 30: (Click the icon to view the stockholders' equity.) On December 30, Southern purchased 125 shares of treasury stock at $13 per share. Requirements 1. Journalize the purchase of the treasury stock. 2. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. Assume the balance in retained earnings is unchanged from November 30. 3. How many shares of common stock are outstanding after the purchase of treasury stock? Requirement 1. Journalize the purchase of the treasury stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Credit Dec. 30 Debit ÏÏ 1 Data Table Stockholders' Equity Paid-In Capital: Common Stock-$5 Par Value; 1,300 shares authorized, 310 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ $ X 1,550 4,650 6,200 53,000 59,200 Southern Amusements Corporation had the following stockholders' equity on November 30: (Click the icon to view the stockholders' equity.) On December 30, Southern purchased 125 shares of treasury stock at $13 per share. Requirements 1. Journalize the purchase of the treasury stock. 2. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. Assume the balance in retained earnings is unchanged from November 30. 3. How many shares of common stock are outstanding after the purchase of treasury stock? Requirement 1. Journalize the purchase of the treasury stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Credit Dec. 30 Debit ÏÏ 1 Data Table Stockholders' Equity Paid-In Capital: Common Stock-$5 Par Value; 1,300 shares authorized, 310 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ $ X 1,550 4,650 6,200 53,000 59,200

Answer rating: 100% (QA)

30Dec ans 3 Accounts Title Treasury Stock 12513 Cash being treasury stock purchase Stockho... View the full answer