(Answered) Question - during 2016 the nicklaus corporation

Accounting

Question - During 2016, the Nicklaus Corporation participated in three treasury stock transactions:

a. On June 30, 2016, the corporation reacquires 130,000 shares for the treasury at a price of $12 per share.

b. On July 31, 2016, 15,000 treasury shares are reissued at $15 per share.

c. On September 30, 2016, 15,000 treasury shares are reissued at $10 per share.

Required:

1. Prepare journal entries to record these transactions.

2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2016. (Assume net income for the second and third quarter was $2,650,000.).

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