The stockholders' equity section of Sheridan Company balance sheet at December 31, 2019, appears below:
Stockholders' equity
Paid-in capital
Common stock, $10 par value, 410,000 shares authorized;
330,000 issued and outstanding $3,300,000
Paid-in capital in excess of par 1,250,000
Total paid-in capital 4,550,000
Retained earnings 800,000
Total stockholders' equity $5,350,000
During 2020, the following stock transactions occurred:
Jan. 18 Issued 80,000 shares of common stock at $24 per share.
Aug. 20 Purchased 26,000 shares of Sheridan Company common stock at $26 per share to be held in the treasury.
Nov. 5 Issued 50,000 shares of common stock at $32 per share.
1. Prepare the journal entries to record the above stock transactions.
2. Prepare the stockholders' equity section of the balance sheet for Makoto Corporation at December 31, 2021. Assume that net income for the year was $100,000 and that no dividends were declared.
Answers: 1
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The stockholders' equity section of Sheridan Company balance sheet at December 31, 2019, appears bel...
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