Question

In: Accounting

ABC Corp. completed the following transactions during 2018: 1.   Issued 1,998 shares of $1 par common...

ABC Corp. completed the following transactions during 2018:

1.   Issued 1,998 shares of $1 par common stock for $17 per share.

2.   Repurchased 312 shares of its own common stock for $24 per share.

3.   Resold 226 shares of treasury stock for $28 per share.


What is the balance of the PIC, Treasury stock account after these transactions?

Solutions

Expert Solution

  • All working forms part of the answer
  • Working

--Beginningbalances are NOT PROVIDED

Common Stock

PIC - Paid In Capital

Treasury Stock

Beginning balances

Transaction #1

$             1,998.00

$          31,968.00

Transaction #2

$            7,488.00

Transaction #1

$                904.00

$          (5,424.00)

Balance after these transaction

$             1,998.00

$          32,872.00

$            2,064.00

  • Answer

Balance in PIC = $ 32872

Balance in Treasury Stock = $ 2064 [ 86 shares x $ 24]

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Promising Corp starts the year with 25,000 shares of $1 par common stock issued at an...
Promising Corp starts the year with 25,000 shares of $1 par common stock issued at an average cost of $24 each. Record each of the following sequential entries.1.) Repurchase 2,000 shares for $18 each; 2.) Sell 1,000 of the shares in #1 for $26 each; 3.) Sell 800 shares of the stock repurchased in #1 for $9 each; 4.) Retire the remaining 200 shares repurchased in #1. After the 4th entry, how many shares are issued? Outstanding?
Shelton Corp. was involved in the following transactions. Jan.1 Issued 100000 shares of common stock, $2...
Shelton Corp. was involved in the following transactions. Jan.1 Issued 100000 shares of common stock, $2 par, for $12 Mar.1 Reacquired 20000 shares at $30. July 1 Reissued 14000 shares at $40. Sept.1 Reissued 5000 shares at $32. Dec.1 Retired the remaining treasury stock shares. Required. Prepare the required journal entries under both the par value and cost methods. Prepare the entries for all the par value transactions, then prepare all the cost method transactions.
EverBlue Company issued 30,000 shares of common stock in 2018. The par value of the common...
EverBlue Company issued 30,000 shares of common stock in 2018. The par value of the common stock is $1 per share. The selling price is $20 per share. Which of the following is true? Group of answer choices Stockholders’ equity increases by $600,000. Stockholders’ equity increases by $30,000. Stockholders’ equity decreases by $30,000. Stockholders’ equity decreases by $600,000.
Choctaw Co. completed the following transactions in 2018, the first year of operation: Issued 31,000 shares...
Choctaw Co. completed the following transactions in 2018, the first year of operation: Issued 31,000 shares of $10 par common stock for $10 per share. Issued 4,100 shares of $20 stated value preferred stock for $20 per share. Purchased 2,100 shares of common stock as treasury stock for $12 per share. Declared a $3,100 cash dividend on preferred stock. Sold 800 shares of treasury stock for $14 per share. Paid $3,100 cash for the preferred dividend declared in Event 4....
Choctaw Co. completed the following transactions in 2018, the first year of operation: Issued 28,000 shares...
Choctaw Co. completed the following transactions in 2018, the first year of operation: Issued 28,000 shares of $10 par common stock for $10 per share. Issued 3,800 shares of $20 stated value preferred stock for $20 per share. Purchased 1,800 shares of common stock as treasury stock for $12 per share. Declared a $2,800 cash dividend on preferred stock. Sold 800 shares of treasury stock for $14 per share. Paid $2,800 cash for the preferred dividend declared in Event 4....
On January 1, Novak Corp. had 99,000 shares of no-par common stock issued and outstanding. The...
On January 1, Novak Corp. had 99,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. Apr. 1 Issued 25,500 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 3,000 additional shares of common stock for $19 per...
On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key...
On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated by the end 2020. On the date of the grant, the stock had a market price of $3 per share. What is the total Compensation Expense pertaining to the restricted shares. What is the journal entry on the date of the grant, January 1, 2018? What is the journal entry to record the compensation expense on...
On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key...
On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated by the end 2020. On the date of the grant, the stock had a market price of $3 per share. What is the total Compensation Expense pertaining to the restricted shares. What is the journal entry on the date of the grant, January 1, 2018? What is the journal entry to record the compensation expense on...
Wilma’s Vegetable Market had the following transactions during 2012: 1.   Issued $25,000 of par value common...
Wilma’s Vegetable Market had the following transactions during 2012: 1.   Issued $25,000 of par value common stock for cash. 2.   Recorded and paid wages expense of $10,000. 3.   Acquired land by issuing common stock of par value $50,000. 4.   Declared and paid a cash dividend of $1,000. 5.   Sold a long-term investment (cost $3,000) for cash of $3,000. 6.   Recorded cash sales of $20,000. 7.   Bought inventory for cash of $2,000. 8.   Acquired an investment in IBM stock for cash...
Jean’s Vegetable Market had the following transactions during 2017: 1. Issued $50,000 of par value common...
Jean’s Vegetable Market had the following transactions during 2017: 1. Issued $50,000 of par value common stock for cash. 2. Repaid a 6-year note payable in the amount of $22,000. 3. Acquired land by issuing common stock of par value $100,000. 4. Declared and paid a cash dividend of $2,000. 5. Sold a long-term investment (cost $3,000) for cash of $8,000. 6. Acquired an investment in IBM stock for cash of $15,000. What is the net cash provided used by...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT