Pharoah Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 21,000 shares issued $105,000 Paid-in capital in excess of par-common stock 298,000 Retained earnings 322,000 Total stockholders' equity $725,000 During 2020, the following transactions occurred. Feb. 1 Mar. 1 Pharoah repurchased 2,130 shares of treasury stock at a price of $18 per share. 880 shares of treasury stock repurchased above were reissued at $16 per share. 450 shares of treasury stock repurchased above were reissued at $13 per share. 650 shares of treasury stock repurchased above were reissued at $21 per share. Mar. 18. Apr. 22

Pharoah Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 21,000 shares issued $105,000 Paid-in capital in excess of par-common stock 298,000 Retained earnings 322,000 Total stockholders' equity $725,000 During 2020, the following transactions occurred. Feb. 1 Mar. 1 Pharoah repurchased 2,130 shares of treasury stock at a price of $18 per share. 880 shares of treasury stock repurchased above were reissued at $16 per share. 450 shares of treasury stock repurchased above were reissued at $13 per share. 650 shares of treasury stock repurchased above were reissued at $21 per share. Mar. 18. Apr. 22

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 12RE: Refer to the information in RE13-11. Assume that on December 31, 2019, the investment in Cornett...

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