Question

11. What is the amount of total paid - in capital and total retained earnings?

Prefered stock - $ 270,000

Paid in capital excess of par - preferred - $ 32,000

Common stock - $242,000

Paid in capital excess of par - common - $80,000

retained earnings - $183,000

12. A corporation originally issued $5 par common stock for $10 per share. What is the journal entry to record the purchase of 200 shares of their own stock for $8 per share?

Answer 1

11.

Total paid in capital	$       624,000.00
Retained earnings	$       183,000.00

Working:

Particulars	Amount ($)
Common Stock	$       242,000.00
Paid-in capital in excess of par - Common	$         80,000.00
Preferred Stock	$       270,000.00
Paid-in capital in excess of par - Preferred	$         32,000.00
Total paid in capital	$       624,000.00
Retained earnings	$       183,000.00
Total stockholder's equity	$       807,000.00

12.  

Date	Account Title and Explanation	Debit ($)	Credit ($)
	Treasury Stock, Common	$          1,600.00
	Cash		$          1,600.00
	(To record the purchase of own stock 200*$8)