Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Chapter 15, Problem 15.9E
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On January 1, 2023, the stockholders’ equity section of Kay Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,100,000; and retained earnings $1,170,000. During the year, the following treasury stock transactions occurred. Journalize the treasury stock transactions.
Mar.
1
Purchased 52,000 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.
At the beginning of 2021, Thompson Service, Inc., showed the following amounts in the stockholders' equity section of its balance
sheet.
Stockholders' equity:
Capital stock, $1 par value, 500,000 shares authorized, 382,000 issued and outstanding
Additional paid-in capital: capital stock
Total paid-in capital
Retained earnings
Total stockholders' equity
Page 557
Instructions
$ 382,000
4,202,000
$4,584,000
2,704,600
$7,288,600
The transactions relating to stockholders' equity during the year are as follows.
Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15.
Feb. 15
Paid the cash dividend declared on January 3.
Apr. 12
The corporation purchased 6,000 shares of its own capital stock at a price of $40 per share.
May 9
Reissued 4,000 shares of the treasury stock at a price of $44 per share.
June 1
Declared a 5 percent stock dividend to stockholders of record at June 15, to be distributed on June 30. The market price of the sto…
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:
Common Stock, $15 par
Paid-In Capital from Sale of Treasury Stock
Paid-In Capital in Excess of Par-Common Stock
Retained Earnings
Treasury Stock
Retained Earnings
Treasury Stock (715 Shares at Cost)
Total Stockholders' Equity
$657,000
27,000
17,520
Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 715 shares
have been reacquired.
✓
1,031,000
✓
13,585
Paid-In Capital:
Common Stock, $45 Par (80,000 Shares Authorized, 14,600 Shares Issued)
Excess Over Par
Paid-in capital, common stock
From Sale of Treasury Stock
Total Paid-In Capital
Goodale Properties Inc.
Stockholders' Equity
June 30
QOOQ
Chapter 15 Solutions
Intermediate Accounting
Ch. 15 - Prob. 15.1QCh. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Do firms often use stock dividends to avoid...Ch. 15 - Prob. 15.13QCh. 15 - What is included in other comprehensive income?Ch. 15 - Is a specific format required for reporting...Ch. 15 - Prob. 15.16QCh. 15 - Boone Corporations outstanding capital stock on...Ch. 15 - Prob. 15.2MCCh. 15 - Prob. 15.3MCCh. 15 - Prob. 15.4MCCh. 15 - Prob. 15.5MCCh. 15 - Prob. 15.6MCCh. 15 - Prob. 15.7MCCh. 15 - Prob. 15.1BECh. 15 - Stockholders Equity Terminology, U.S. GAAP, IFRS....Ch. 15 - Common Stock Issuance, No Par Value. Perdido...Ch. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Prob. 15.8BECh. 15 - Treasury Stock Transactions. Ginger Spice...Ch. 15 - Treasury Stock Transactions. On March 15, Chief...Ch. 15 - Treasury Stock Transactions, Retirement. Using the...Ch. 15 - Prob. 15.12BECh. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Common Stock Issuance, Stated Value, Issue Costs....Ch. 15 - Common Stock Issuance. Par Value, Issue Costs,...Ch. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Treasury Stock Transactions, Retirement,...Ch. 15 - Prob. 15.6ECh. 15 - Treasury Stock Transactions. Several years ago,...Ch. 15 - Prob. 15.8ECh. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Preferred Stock Issuance Dividends, Disclosure....Ch. 15 - Prob. 15.13ECh. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.20ECh. 15 - Prob. 15.21ECh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Prob. 15.6PCh. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 1JCCh. 15 - Judgment Case 2: Impact of Judgment in Accounting...Ch. 15 - Prob. 1SSCCh. 15 - Prob. 1BCCCh. 15 - Prob. 2BCC
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