Required Prepare the stockholders’ equity section of the year-end balance sheet.
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Question
The following information pertains to Ming Corp. at January 1, Year 2:
Common stock, $8 par, 61,000 shares authorized, 2,800 shares issued and outstanding | $ | 22,400 | |
Paid-in capital in excess of par, common stock | 59,500 | ||
59,500 | |||
Ming Corp. completed the following transactions during Year 2:
-
Issued 3,000 shares of $8 par common stock for $13 per share.
-
Repurchased 1,500 shares of its own common stock for $16 per share.
-
Resold 900 shares of
treasury stock for $18 per share. -
Earned $54,300 of cash revenue.
-
Paid $39,950 of cash operating expenses.
Required
Prepare the
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