Question

Coronado Company had the following stockholders’ equity as of January 1, 2017.

Common stock, $5 par value, 20,300 shares issued $101,500

Paid-in capital in excess of par—common stock 294,000

Retained earnings 318,000

Total stockholders’ equity $713,500

During 2017, the following transactions occurred. Feb. 1 Coronado repurchased 2,020 shares of treasury stock at a price of $19 per share. Mar. 1 800 shares of treasury stock repurchased above were reissued at $17 per share. Mar. 18 500 shares of treasury stock repurchased above were reissued at $13 per share. Apr. 22 580 shares of treasury stock repurchased above were reissued at $20 per share.

Answer 1

Date	Account title	Debit	Credit
2/1/17	Treasury stock	38380
	Cash		38380
	(Purchase of treasury stock 2,020 shares @$19 per share)
3/1/17	Cash	13600
	Additional paid in capital - treasurystock	1600
	Treasury stock		15200
	(Reissue of 800 shares of treasury stock @$17 per share)
3/18/17	Cash	6500
	Additional paid in capital - treasurystock	3000
	Treasury stock		9500
	(Reissue of 500 shares of treasury stock @$13 per share)
4/22/17	Cash	11600
	Additional paid in capital - treasurystock		580
	Treasury stock		11020
	(Reissue of 580 shares of treasury stock @$20 per share)

Coronado Company
Balance sheet as at April 30, 2017
Stockholders' equity section
Paid up capital
Common stock , $5 par value 20,300 shares issued	101500
Aditional paid in capital - Comon stock	294000
Aditional paid in capital - Treasury stock	-4020
Total paid in capital	391480
Retained earnings	318000
Treasury stock	-2660
Total stockholders' equity	706820