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The following information pertains to JAE Corporation at January 1, Year 1. ...

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Accounting

The following information pertains to JAE Corporation at January 1, Year 1.

Common stock, $11 par, 12,000 shares authorized, 2,400 shares issued and outstanding $ 26,400
Paid-in capital in excess of par, common stock 15,900
Retained earnings 69,500

JAE Corporation completed the following transactions during Year 1:

  1. Issued 900 shares of $11 par common stock for $30 per share.
  2. Repurchased 230 shares of its own common stock for $27 per share.
  3. Resold 50 shares of treasury stock for $28 per share.

Required

a. How many shares of common stock were outstanding at the end of the period?

b. How many shares of common stock had been issued at the end of the period?

c1. Prepare journal entries for these transactions.

c2. Post the journal entries to T-accounts.

d. Prepare the stockholders equity section of the balance sheet reflecting these transactions.

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