Reference no: EM132719110
Question - The following information pertains to JAE Corp. at January 1, Year 1:
Common stock, $9 par, 14,000 shares authorized, 2,800 shares issued and outstanding $25,200 Paid-in capital in excess of par, common stock 16,500 Retained earnings 64,900
JAE Corp. completed the following transactions during Year 1:
1. Issued 850 shares of $9 par common stock for $26 per share.
2. Repurchased 160 shares of its own common stock for $23 per share.
3. Resold 50 shares of treasury stock for $24 per share.
Required -
a. How many shares of common stock were outstanding at the end of the period?
b. How many shares of common stock had been issued at the end of the period?
c. Organize the transactions data in accounts under the accounting equation.
d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.
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