Wildhorse Co. purchased 4,100 shares of its $8 par value common stock for $274,700 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,460 shares of treasury stock for cash at $73 per share. Journalize the two treasury stock transactions.
Date Account Titles and Explanation Debit Credit
Aug. 1 Treasury Stock 277,200
Cash 277,200

Dec. 1 Cash 183,960
Treasury Stock 27,720 Wrong

Paid-in Capital from
Treasury Stock 156,240 Wrong

True or flase? a. new technological developments can us adapt to depleting sources of natural resources. b. research and development funds from the government to private industry never pay off for the country as a whole; they only increase the profits of rich corporations. c. in order for fledgling industries in poor nations to thrive, they must receive protection from foreign trade. d. countries with few natural resources will always be poor. e. as long as real gdp (gross domestic product) grows at a slower rate than the population, per capita real gdp increases.

Last year, johnson mills had annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. the firm paid $700 in dividends and had a tax rate of 35 percent. the firm added $2,810 to retained earnings. the firm had no long-term debt. what was the depreciation expense?

Suppose that electricity producers create a negative externality equal to $5 per unit. further suppose that the government imposes a $5 per-unit tax on the producers. what is the relationship between the after-tax equilibrium quantity and the socially optimal quantity of electricity to be produced?