Question Details

Journalize the treasury stock transactions for 2013.



Yates Corporation has the following stockholders' equity accounts on January 1, 2013:
	Common Stock, $10 par value 		$1,500,000
	Paid-in Capital in Excess of Par		200,000
	Retained Earnings		     500,000
		Total Stockholders' Equity		$2,200,000
The company uses the cost method to account for treasury stock transactions. During 2013, the following treasury stock transactions occurred:
April	1	Purchased 10,000 shares at $18 per share.
August	1	Sold 4,000 shares at $22 per share.
October	1	Sold 4,000 shares at $15 per share.

Instructions
(a)	Journalize the treasury stock transactions for 2013.
(b)	Prepare the Stockholders' Equity section of the balance sheet for Yates Corporation at December 31, 2013. Assume net income was $110,000 for 2013.





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