Reference no: EM13826943
A company’s stockholders' equity at January 1, 2014 is as follows:
Common stock, $10 par value; authorized 300,000 shares;
Outstanding 225,000 shares $2,250,000
Paid-in capital in excess of par 600,000
Retained earnings 2,190,000
Total $5,040,000
During 2014, the company had the following stock transactions:
a) Acquired 6,000 shares of its stock for $270,000.
b) Sold 3,600 treasury shares at $50 a share.
c) Sold the remaining treasury shares at $41 per share.
The company uses the cost method to record treasury stock transactions.
Use the T-account template provided.
Document the balances in each account listed above.
Prepare the entries to record the stock transactions indicated above
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