The following information pertains to Kwon Corp. at January 1, 2010. Kwon Corp.

Question

The following information pertains to Kwon Corp. at January 1, 2010. Kwon Corp. completed the following transactions during 2010. issued 2,000 shares of $10 per common stock for $25 per share. Repurchased 200 shares of its own common stock for $22 per share. Resold 50 shares of treasury stock for $26 per share. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response)

Explanation / Answer

Shareholder's Equity     Common Stock 20000+(2000*10) $    40,000.00     Paid-in Capital in excess of par 15000+(2000*15) $    45,000.00     Paid-in Capital in excess of cost 50*4 $          200.00 Total Paid-In Capital $    85,200.00 Retained Earnings $    65,000.00 Less: Treasury Stock 5500 $    (3,300.00) TotalShareholder's Equity $ 146,900.00

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.