Part B During 2021, the Nicklaus Corporation participated in three treasury stock transactions: On June 30, 2021, the corporation reacquires 280,000 shares for the treasury at a price of $12 per share. On July 31, 2021, 40,000 treasury shares are reissued at $15 per share. On September 30, 2021, 40,000 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, 2021. (Assume net income for the second and third quarter was $3,050,000

Part B During 2021, the Nicklaus Corporation participated in three treasury stock transactions: On June 30, 2021, the corporation reacquires 280,000 shares for the treasury at a price of $12 per share. On July 31, 2021, 40,000 treasury shares are reissued at $15 per share. On September 30, 2021, 40,000 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, 2021. (Assume net income for the second and third quarter was $3,050,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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