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Keshena Co is incorporated at the beginning of this year with 50,000 common shares authorize....

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Accounting

Keshena Co is incorporated at the beginning of this year with 50,000 common shares authorize. During its first year Keshena engaged in several common stock transactions. The following journal entries impacted its shareholders equity during its first year of operations.

General Journal

  1. Cash 290,000

Common Stock, $25 Par 235,000

Paid-In Capital in Excess of Par 55,000

b. Organizational Expenses 190,000

Common Stock, $25 Par 125,000

Paid-In Capital in Excess of Par 65,000

c. Cash 45,000

Accounts Receivable 16,500

Building 82,800

Notes Payable 59,600

Common Stock, $25 Par 54,700

Paid-In Capital in Excess of Par 30,000

d. Cash 123,000

Common Stock, $25 Par 78,000

Paid-In Capital in Excess of Par 45,000

Required:

  1. How many shares of common stock are outstanding at year end?

  1. What is the dollar amount of common stock at year end?

  1. What is the total Contributed Capital at year-end?

  1. If the journal entry to record the purchase of 100 shares of treasury stock was:

Treasury Stock 3500

Cash 3500

How will this transaction impact the number of shares Authorized? The number

of shares Issued? The number of shares Outstanding?

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