Use the following information to answer questions 4 and 5. This information was taken from...
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Accounting
Use the following information to answer questions 4 and 5. This information was taken from the 12/31 annual report of Jones Inc. 2010 2009 BALANCE SHEET Retained Earnings $350,000 $280,000 Common Stock, at par- 80,000 shares authorized; 35,000 issued as of 12/31/2010; 34,000 issued as of 12/31/2009 10,200 11,100 APIC C/S 150,200 140,800 APIC T/S 6,000 3,000 Treasury Stock, 6,000 shares as of 12/31/2010; 7,000 as of 12/31/2009 (54,000) (66,000) Total Equity $462,400 $368,900 NOTE: No stock repurchases (treasury stock) were made in 2010. 4. What were Jones Inc.s proceeds (the debit to cash) from the reissuance of treasury stock in 2010? 5. If in 2011 (the next year) the firm reissued 2,000 treasury shares for $5 per share, with an original cost of $9 per share, what would the journal entry be?
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