The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 10,000...

The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 10,000 shares authorized, 2,000 shares issued and outstanding $ 20,000 Paid-in capital in excess of par, common stock 14,500 Retained earnings 54,100 JAE Corp. completed the following transactions during 2018: Issued 950 shares of $10 par common stock for $28 per share. Repurchased 170 shares of its own common stock for $25 per share. Resold 50 shares of treasury stock for $26 per share.

Required: How many shares of common stock were outstanding at the end of the period? How many shares of common stock had been issued at the end of the period? Organize the transactions data in accounts under the accounting equation. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.

Expert Solution

ekkarill92 answered 2 years ago

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