Homework Answers
| Journal entries | |||||
| s.no | particulars | Debit | Credit | ||
| 1) | treasury stock | 249600 | |||
| cash | 249600 | ||||
| (to record purchase from stockholder) | |||||
| 2) | cash (1900*51) | 96900 | |||
| treasury stock (1900*48) | 91200 | ||||
| paid in capital from treasury stock | 5700 | ||||
| (to record sale of shares at 51 per share) | |||||
| 3) | cash (1900*46) | 87400 | |||
| paid in capital from treasury stock | 3800 | ||||
| treasury stock (1900*48) | 91200 | ||||
| (to record sale of share at 46 per share) | |||||
| 4) | cash (1400*40) | 56000 | |||
| paid in capital from treasury stock | 1900 | ||||
| retained earning | 9300 | ||||
| treasury stock(1400*48) | 67200 | ||||
| (to record sale of share at 40 per share) | |||||
| treasury stock per share = 249600/5200 = 48 per share | |||||
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(a)
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Before
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On January 1, Flounder Corp. had 61,500 shares of no-par common
stock issued and outstanding. The stock has a stated value of $4
per share. During the year, the following transactions
occurred.
Apr. 1
Issued 11,700 additional shares of common stock for $12 per
share.
June 15
Declared a cash dividend of $1.90 per share to stockholders of
record on June 30.
July 10
Paid the $1.90 cash dividend.
Dec. 1
Issued 5,200 additional shares of common stock for $13...
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