Whispering Company had the following stockholders equity as of January 1, 2017. Common stock, $5...
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Accounting
Whispering Company had the following stockholders equity as of January 1, 2017.
Common stock, $5 par value, 18,900 shares issued $94,500
Paid-in capital in excess of parcommon stock 306,000
Retained earnings 317,000
Total stockholders equity $717,500
During 2017, the following transactions occurred.
Feb. 1 Whispering repurchased 1,900 shares of treasury stock at a price of $18 per share.
Mar. 1 810 shares of treasury stock repurchased above were reissued at $16 per share.
Mar. 18 470 shares of treasury stock repurchased above were reissued at $14 per share.
Apr. 22 550 shares of treasury stock repurchased above were reissued at $19 per share.
-Prepare the journal entries to record the treasury stock transactions in 2017, assuming Whispering uses the cost method.
-Prepare the stockholders equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $138,700.
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