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prior to may 1 fortune company has never had anytreasury stock transactions. a company repurchased 120 shares ofits common stock on May 1 for $6000. on july 1 it reissued 60 ofthese share at $52 per share. on august 1 it reissued the remainingtreasury shares at $49 per share. what is the balance in the paidin capital, treasury stock account on august 2?

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Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

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In 2014, Mordica Co. issued 300,000 of its 500,000 authorizedshares of $10 par value common stock at $35 per share. In January,2015, Mordica repurchased 25,000 shares at $30 per share. Assumethese are the only stock transactions the company has ever had.

Instructions

(a) Prepare the journal entry to record the purchase of treasurystock by the cost method.

(b) 9,000 shares of treasury stock are reissued at $33 pershare. Prepare the journal entry to record the reissuance by thecost method.

(c) 9,000 shares of treasury stock are reissued at$27 per share. Prepare the journal entry to record the reissuanceby the cost method.

Weighted Average Shares-At the beginning of the current year, Hardin Company had 20,000 shares of $10 per common stock outstanding. During the year, it engaged in the following transactions related to its common stock, so that at year end it had 63,800 shares outstanding: April 1 Issued 5,000 shares of stock. June 1, Issued 4,000 shares of stock July 1, Issued a 10% stock dividend Sept 30, Issued a 2-for-1 stock split, reducing the par value to $5 per share. Oct. 1 Reacquired 1,000 shares as treasury stock Nov 30, Reissued the 1,000 shares of treasury stock. REQUIRED: Determine the weighted average number of shares outstanding for computing the current earnings per share.

Weighted Average Shares-At the beginning of the current year, Hardin Company had 20,000 shares of $10 per common stock outstanding. During the year, it engaged in the following transactions related to its common stock, so that at year end it had 63,800 shares outstanding: April 1 Issued 5,000 shares of stock. June 1, Issued 4,000 shares of stock July 1, Issued a 10% stock dividend Sept 30, Issued a 2-for-1 stock split, reducing the par value to $5 per share. Oct. 1 Reacquired 1,000 shares as treasury stock Nov 30, Reissued the 1,000 shares of treasury stock. REQUIRED: Determine the weighted average number of shares outstanding for computing the current earnings per share

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