(Answered) Question on october 10 the stockholders equity of noble

Accounting

Question: On October 10, the stockholders' equity of Noble Systems appears as follows

Common stock-$10 par value, 36,000 shares
authorized, issued, and outstanding . . . . . . . . . . . . . . . . . . . . . . . $360,000

Paid-in capital in excess of par value, common stock . . . . . . . . . . . 108,000

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,000

Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $900,000

1. Prepare journal entries to record the following transactions for Noble Systems.

a. Purchased 4,500 shares of its own common stock at $30 per share on October 11.

b. Sold 1,200 treasury shares on November 1 for $36 cash per share.

c. Sold all remaining treasury shares on November 25 for $25 cash per share.

2. Explain how the company's equity section changes after the October 11 treasury stock purchase, and prepare the revised equity section of its balance sheet at that date.

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