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Homework Quiz—7

Homework Quiz—7 - Name Section Homework...

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Name Section Homework Quiz—7 Recall that: Cash + ∆ Other Assets = L + PIC + BRE + R – X + G – L – D Transaction 1. On 1/1/10 ABC Company sold to shareholders, for $31 cash per share, 65,000 shares of its 500,000 authorized, but previously unissued shares. Stock is $15 par. Prior to the stock sale ABC had 100,000 issued shares. 2. On 2/15/10 ABC purchased as treasury stock 6,000 shares of its $15 par common stock (using the cost method). The treasury stock was purchased for $34 per share 3. On 4/20/10 ABC sold, for $36 cash, 3,300 shares of the treasury stock purchased in #2 . 4. On 5/26/10 ABC declared a $.20 per share cash dividend on its common stock. At the time of the declaration ABC had 500,000 authorized shares, 360,000 issued shares and 2,700 shares of treasury stock. 5. On 6/29/10 ABC paid the dividend declared in #4 . For each of the transactions above write the appropriate journal entry in the appropriate table below. Tr. 1 DR Cash ($31 x 65,000) 2,015,000 CR Common stock ($15 x 65,000) 975,000 CR Paid in capital in excess par, common stock 1,040,000 Tr. 2 DR Treasury stock ($34 x 6,000) 204,000 CR Cash 204,000 Tr. 3
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