Yunger Corporation has the following equity accounts on January 1, 2014: The company uses the cost method to account for treasury share transactions. During 2014, the following treasury share transactions occurred: Instructions
(a) Journalize the treasury share transactions for 2014.
(b) Prepare the Equity section of the statement of financial position for Yunger Corporation at December 31, 2014. Assume net income was $110,000 for 2014.

Question

Yunger Corporation has the following equity accounts on January 1, 2014:  The company uses the cost method to account for treasury share transactions. During 2014, the following treasury share transactions occurred:  Instructions
(a) Journalize the treasury share transactions for 2014.
(b) Prepare the Equity section of the statement of financial position for Yunger Corporation at December 31, 2014. Assume net income was $110,000 for 2014.

Quizplus · Accepted Answer

The Answer of Yunger Corporation has the following equity accounts on January 1, 2014:  The company uses the cost method to account for treasury share transactions. During 2014, the following treasury share transactions occurred:  Instructions
(a) Journalize the treasury share transactions for 2014.
(b) Prepare the Equity section of the statement of financial position for Yunger Corporation at December 31, 2014. Assume net income was $110,000 for 2014.

Yunger Corporation Has the Following Equity Accounts on January 1