Capital transactions, BIC was organized on January 2, 2012,

Capital transactions

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Reference no: EM13914300

BIC was organized on January 2, 2012, with 100,000 authorized shares of $10 par value common stock. During 2012, BIC had the following capital transactions.
January 5 - issued 75,000 shares at $14 per share
December 27 - purchased 5,000 shares at $11 per share
BIC used the par value method to record the purchase of the treasury shares. What would be the balance in the contribute capital from treasury stock account at December 31, 2012. Use the lines below to record the transactions.
$0
$5,000
$15,000
$20,000
___Treasury stock (5,000 x $10)______$50,000______________
___Contributed capital in excess of par _______________
_____{5,000 shares x ($14 - $10)}____$20,000 ____________
_____Cash (5,000 shares x $11) _________55,000________
Paid in capital Treas Stock {5,000 shares x ($14-$11) $15,000.

Reference no: EM13914300

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