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Prepare the stockholders equity section

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Fechter Corporation had the following stockholders' equity accounts on January 1, 2014: Common Stock ($5 par) $547,900, Paid-in Capital in Excess of Par-Common Stock $206,440, and Retained Earnings $110,910. In 2014, the company had the following treasury stock transactions.

Mar.

1

Purchased 5,720 shares at $9 per share.

June

1

Sold 1,060 shares at $12 per share.

Sept.

1

Sold 1,010 shares at $10 per share.

Dec.

1

Sold 1,410 shares at $6 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2014, the company reported net income of $26,110.

Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. Post to these accounts using J10 as the posting reference.

Prepare the stockholders' equity section for Fechter Corporation at December 31, 2014.

Reference no: EM13969945

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