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The stockholders' equity section of Manley Corporation's balance sheet at December 31, 2004, appears below:

Stockholders' equity

Paid-in capital

Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding $2,500,000
Paid-in capital in excess of par 1,200,000
Total paid-in capital 3,700,000
Retained earnings 600,000
Total stockholders' equity $4,300,000

During 2005, the following stock transactions occurred:

Jan.18 Issued 50,000 shares of common stock at $30 per share.
Aug.20 Purchased 25,000 shares of Manley Corporation's common stock at $26 per share to be held in the treasury.
Nov.5 Reissued 9,000 shares of treasury stock for $31 per share.

Instructions:

(a) Prepare the journal entries to record the above stock transactions.

(b) Prepare the stockholders' equity section of the balance sheet for Manley Corporation at December 31, 2005. Assume that net income for the year was $150,000 and that no dividends were declared.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946141

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