CISC 203 Lecture 3: Proof by Induction, Functions
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23 Nov 2017
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On January 1, 2017, the stockholdersâ equity section of NewlinCorporation shows common stock ($5 par value) $1,500,000; paid-incapital in excess of par $1,090,000; and retained earnings$1,160,000. During the year, the following treasury stocktransactions occurred.
Mar. | 1 | Purchased 47,000 shares for cash at $15 per share. | |
July | 1 | Sold 10,500 treasury shares for cash at $17 per share. | |
Sept. | 1 | Sold 9,000 treasury shares for cash at $14 per share. |
A) Journalize the treasury stock transactions.
B) Restate the entry for September 1, assuming the treasuryshares were sold at $12 per share.