Chapter%2013%20-%20In-Class%20Exercises%20-%20Solution%20#1

Chapter%2013%20-%20In-Class%20Exercises%20-%20Solution%20#1...

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Unformatted text preview: In‐Class Exercises Solutions: Exercise 1: Chapter 13 Cost Method of Accounting: Par Value Method of Accounting Reacquire 15,000 shares @ $35 Reacquire 15,000 shares @ $35 Treasury Stock 525,000 Treasury Stock 15,000 Cash 525,000 Paid‐In Capital in Excess of Par 210,000 Retained Earnings 300,000 Cash 525,000 Sell 5,000 shares of treasury stock @ $38 Cash 190,000 Treasury Stock (5,000 @ $35) Paid‐In Capital From Treasury Stock Sell 7,000 shares of treasury stock @ $34 238,000 Cash Paid‐In Capital From Treasury Stock 7,000 Treasury Stock (7,000 @ $35) Sell remaining 3,000 shares @ $45 Cash 135,000 Treasury Stock (3,000 @ $35) Paid‐In Capital From Treasury Stock Sell 5,000 shares of treasury stock @ $38 Cash 190,000 175,000 Treasury Stock 5,000 15,000 Paid‐In Capital in Excess of Par 185,000 Sell 7,000 shares of treasury stock @ $34 Cash 238,000 Treasury Stock 245000 Paid‐In Capital in Excess of Par Sell remaining 3,000 shares @ $45 Cash 135,000 105,000 Treasury Stock 30,000 Paid‐In Capital in Excess of Par 7,000 231,000 3,000 132,000 ACCT 4050 Page 2 of 3 Chapter 13 ‐ In‐Class Exercises ...
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This note was uploaded on 04/06/2011 for the course ACCT 4050 taught by Professor Rodney during the Spring '11 term at University of Georgia Athens.

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