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Journalize the treasury stock transactions

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Reference no: EM132817275

Problem 1 - During its first year of operations, Benji Corporation had the following transactions pertaining to its common stock.

Jan. 10 Issued 70,000 shares for cash at $5 per share.

July 1 Issued 40,000 shares for cash at $7 per share.

Required -

(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.

(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

Problem 2 - Jake Corporation issued 1,000 shares of stock.

Required - Prepare the entry for the issuance under the following assumptions.

(a) The stock had a par value of $5 per share and was issued for a total of $52,000.

(b) The stock had a stated value of $5 per share and was issued for a total of $52,000.

(c) The stock had no par or stated value and was issued for a total of $52,000.

(d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000.

(e) The stock had a par value of $5 per share and was issued for land worth $52,000.

Problem 3 - On January 1, 2012, the stockholders' equity section of Joshua Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased 50,000 shares for cash at $15 per share.

July 1 Sold 10,000 treasury shares for cash at $17 per share.

Sept. 1 Sold 8,000 treasury shares for cash at $14 per share.

Required - Journalize the treasury stock transactions. Mar. 1, July 1, Sept. 1.

Problem 4 - The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Borkowski Corporation at December 31, 2012.

Common Stock ($5 stated value) $1,700,000

Paid-in Capital in Excess of Par-Preferred Stock 280,000

Paid-in Capital in Excess of Stated Value-Common Stock 900,000

Preferred Stock (8%, $100 par, noncumulative) 500,000

Retained Earnings 1,134,000

Treasury Stock (10,000 common shares) 120,000

Required - Prepare the stockholders equity section of the balance sheet at December 31, 2012.

Reference no: EM132817275

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