Reference no: EM132618847
Question - Johnson Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year, the company has the following stock transactions.
Jan 10 Issued 500,000 shares of stock at $8 per share.
July 1 Issued 100,000 shares of stock for Land. The land has an asking price of $850,000. The stock has market value of $8 per share.
Sept 1 Purchased 10,000 shares of common stock for treasury at $ 9 per share.
Dec 1 Sold 3,000 shares of treasury stock at $10 per share.
Dec 15 Sold 2,000 shares of treasury stock at $8 per share.
Dec 25 Sold 3,000 shares of treasury stock at $6 per share.
Instructions -
(a) Journalize the transactions.
(b) Prepare the stockholders' equity section assuming the company had retained earnings of $300,000 at December 31.
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