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"2-12-2010 - EXERCISE 15-1(a Jan 10 Cash(80,000 x...

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EXERCISE 15-1 (a) Jan. 10 Cash (80,000 x $6) ..................................................... 480,000 Common Stock (80,000 x $3) ............................ 240,000 Paid-in Capital in Excess of Par ......................... 240,000 Mar. 1 Organization Expense ................................................ 35,000 Common Stock (5,000 x $3) .............................. 15,000 Paid-in Capital in Excess of Par ......................... 20,000 July 1 Cash (30,000 x $8) ..................................................... 240,000 Common Stock (30,000 x $3) ............................ 90,000 Paid-in Capital in Excess of Par (30,000 x $5) .................................................. 150,000 Sept. 1 Cash (60,000 x $10) ................................................... 600,000 Common Stock (60,000 x $3) ............................ 180,000 Paid-in Capital in Excess of Par (60,000 x $7) .................................................. 420,000 (b) Jan. 10 Cash (80,000 x $6) ..................................................... 480,000 Common Stock (80,000 x $2) ............................ 160,000 Paid-in Capital in Excess of Stated Value (80,000 x $4) ............................. 320,000 1
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EXERCISE 15-1 (Continued) Mar. 1 Organization Expense ................................................ 35,000 Common Stock (5,000 x $2) .............................. 10,000 Paid-in Capital in Excess of Stated Value ................................................... 25,000 ($35,000 – $10,000 or 5,000 x $5) July 1 Cash (30,000 x $8) ..................................................... 240,000 Common Stock (30,000 x $2) ............................ 60,000 Paid-in Capital in Excess of Stated Value (30,000 x $6) ............................. 180,000 Sept. 1 Cash (60,000 x $10) ................................................... 600,000 Common Stock (60,000 x $2) ............................ 120,000 Paid-in Capital in Excess of Stated Value (60,000 x $8) ............................. 480,000 2
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PROBLEM 15-2 (a) Feb. 1 Treasury Stock ($19 x 2,000) ....................................... 38,000 Cash .................................................................. 38,000 Mar. 1 Cash ($17 x 800) .......................................................... 13,600 Retained Earnings ($2 x 800) ...................................... 1,600 Treasury Stock ($19 x 800) .............................. 15,200 Mar. 18 Cash ($14 x 500) .......................................................... 7,000 Retained Earnings ($5 x 500) ...................................... 2,500 Treasury Stock ($19 x 500) .............................. 9,500 Apr. 22 Cash ($20 x 600) .......................................................... 12,000 Treasury Stock ($19 x 600) .............................. 11,400 Paid-in Capital from Treasury Stock ............................................................ 600 3
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Problem 15-2 (Continued) (b) CLEMSON COMPANY Stockholders’ Equity April 30, 2010 Common stock, $5 par value, 20,000 shares issued, 19,900 shares outstanding ...................................................
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