CH18 (15.) Part B During 2018, the Nicklaus Corporation participated in three treasury stock transactions:...
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Accounting
CH18 (15.)
Part B During 2018, the Nicklaus Corporation participated in three treasury stock transactions:
On June 30, 2018, the corporation reacquires 280,000 shares for the treasury at a price of $12 per share.
On July 31, 2018, 40,000 treasury shares are reissued at $15 per share.
On September 30, 2018, 40,000 treasury shares are reissued at $10 per share.
Required:1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2018. (Assume net income for the second and third quarter was $3,050,000.)
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