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Skysong Company had the following stockholders' equity as of January 1, 2017.

Common stock, $5 par value, 18,400 shares issued $92,000
Paid-in capital in excess of par-common stock 303,000
Retained earnings 318,000
Total stockholders' equity $713,000

During 2017, the following transactions occurred.

Feb. 1 Skysong repurchased 2,100 shares of treasury stock at a price of $17 per share.
Mar. 1 880 shares of treasury stock repurchased above were reissued at $15 per share.
Mar. 18 480 shares of treasury stock repurchased above were reissued at $14 per share.
Apr. 22 610 shares of treasury stock repurchased above were reissued at $20 per share.

Prepare the stockholders' equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $135,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92814712

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