12) Green Company issued 20,000 shares of $6 par common stock. Eight months later Green...
80.2K
Verified Solution
Link Copied!
Question
Accounting
12) Green Company issued 20,000 shares of $6 par common stock. Eight months later Green acquired 5,000 shares of its own common stock at $12 per share. Two months later Green sold 1,800 of these shares at $18 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 1,800 treasury shares, Green should credit APIC-Treasury Stock at?
13) Presented below is the stockholders equity section of Blue Corporation at December 31, 2020:
Common stock, par value $15; authorized 75,000 shares; issued and outstanding 55,000 shares $
Paid-in-capital in excess of par value 420,000
Retained earnings 650,000
During 2021, the following transactions occurred related to stockholder equity:
2,000 shares were reacquired at $28 per share.
4,000 shares were reacquired at $35 per share.
3,100 shares of treasury stock were sold at $30 per share.
For the year ended December 31, 2021, Blue reported net income of $450,000. Assuming Blue accounts for treasury stock under the cost method, what should it report as total stockholders equity on its December 31, 2021, balance sheet?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
