The stockholders' equity of Verrecchia Company at December 31, 2013, follows:
Common stock, $5 par value, 350,000 shares authorized; 250,000 shares issued and outstanding $1,250,000
Paid-in capital in excess of par value 600,000
Retained earnings 346,000
During 2014, the following transactions occurred:
Jan. 5 Issued 10,000 shares of common stock for $12 cash per share.
Jan. 18 Repurchased 4,000 shares of common stock at $15 cash per share.
Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 cash per share.
July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share.
Oct. 1 Issued 5,000 shares of 8%, $25 par value preferred stock for $35 cash per share. This is the first issuance of preferred shares from the 50,000 authorized shares.
Required:
(a) Use the financial statement effects template to indicate the effects of each transaction.
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The stockholders' equity of Verrecchia Company at December 31, 2013, follows: Common stock, $5 par value, 350,000 shares authorized; ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.