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The stockholders' equity section of the balance sheet appears as follows at January 1, 2014: Common Stock,...

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Advance Math

The stockholders' equity section of the balance sheet appears asfollows at January 1, 2014:

Common Stock, $2 par, 2,000 shares issued and outstanding$4,000
Paid-in Capital in Excess of Par--Common Stock1,600
Total Capital Stock5,600
Retained Earnings5,400
Total Stockholders' Equity$11,000


On March 1, 2014, the company repurchased 800 shares of its commonstock at $12 per share but on April 6, 2014, it reissued 600 sharesof the shares at $20 per share.

A) Prepare the journal entries to record for the March 1 andApril 6 transactions.

B) How many shares of common stock are outstanding at March 31,2014, and April 30, 2014, respectively?

March 31, 2014: $

April 30, 2014: $

Answer & Explanation Solved by verified expert
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We know that a Journal Entry is basically a form of diary of a businessman in which he records the daily transactions made by him A journal entry basically consist of two terms Debit Dr and Credit Cr Debit is used to represent an increase in account while    See Answer
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