Solution-Stockholders equity section for jacobsen

Stockholders equity section for jacobsen corporation

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Reference no: EM13547801

Brandon Corporation had the following stockholders' equity accounts on January 1, 2012: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $100,000. In 2012, the company had the following treasury stock transactions.

Mar. 1 Purchased 5,000 shares at $9 per share.

June 1 Sold 1,000 shares at $12 per share.

Sept. 1 Sold 2,000 shares at $10 per share.

Dec. 1 Sold 1,000 shares at $6 per share.

Brandon Corporation uses the cost method of accounting for treasury stock. In 2012, the company reported net income of $30,000.

Instructions

(a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2012, for net income.

(b) Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. Post to these accounts using J10 as the posting reference.

Reference no: EM13547801

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Stockholders equity section for jacobsen corporation

Reference no: EM13547801

Reference no: EM13547801

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