The table below shows selected 12/31/Y3 equity data for Snoyer’s Auto Shop. Use the information in...

The table below shows selected 12/31/Y3 equity data for Snoyer’s Auto Shop. Use the information in the table and the following 20Y4 additional facts to fill in the company’s equity values as of December 31, 20Y4. Snoyer uses the cost method to account for treasury stock transactions and has only had one common stock share issuance in its history. Stock reissuances are accounted for using FIFO and all treasury stock related APIC transactions are accounted for in the one account listed below.

Account	12/31/Y3	12/31/Y4
Common Stock, $20 par	$600,000
Additional Paid-In Capital – Common Stock	$90,000
Additional Paid-In Capital – Treasury Stock	$0
Treasury Stock	$0

Additional 20Y4 transactions (in chronological order):

10,000 shares were acquired at $28 per share.
9,000 shares were acquired at $30 per share.
15,000 shares of treasury stock were reissued at $30 per share.
2,000 shares of treasury stock were reissued at $26 per share.

1,000 shares of treasury stock were formally retired

Expert Solution

1. Journal Entries -

2. Equity -

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ekkarill92 answered 1 year ago

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