Question Details

stockholders’ equity section of Kingman Corporation



On January 1, 2013, the stockholders’ equity section of Kingman Corporation shows: common stock ($5 par value) $2,000,000; paid-in capital in excess of par value $1,200,000; and retained earnings $1,500,000. During the year, the following treasury stock transactions occurred.
	Mar. 1	Purchased 60,000 shares for cash at $12 per share.
	July 1	Sold 15,000 treasury shares for cash at $14 per share.
	Sept. 1	Sold 10,000 treasury shares for cash at $11 per share.

Instructions
(a) Journalize the treasury stock transactions.
(b) Prepare the stockholders’ equity section after the entries in (a) are recorded.
(c) Prepare the entry for September 1, assuming the treasury shares were sold at $8 per share.





Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help