Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following correctly prepared entries without e

The following correctly prepared entries without explanations pertain to Corners Corporation: Credit Debit 1,230,000 Account...

60.1K

Verified Solution

Question

Accounting

image
The following correctly prepared entries without explanations pertain to Corners Corporation: Credit Debit 1,230,000 Account Title 1. Cash Common Stock Paid-in Capital in Excess of Par Value 800,000 430,000 29,400 2. Treasury Stock Cash 29,400 25,000 3. Cash Treasury Stock Paid-in Capital in Excess of Cost of Treasury Stock 22,200 2,800 The original sale (Entry 1) was for 410,000 shares, and the treasury stock was acquired for $6 per share (Entry 2). Required a. What was the sales price per share of the original stock issue? (Round your answer to 2 decimal places.) Sales price per share b. How many shares of stock did the corporation acquire in Entry 2? Corporation acquired shares of stock c. How many shares were reissued in Entry 3? Bharat shares d. How many shares are outstanding Immediately following Entries 2 and 3, respectively Entry 2 Entry 3

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!
Become a Member

Other questions asked by students