Yunger Corporation has the following stockholders' equity accounts on January 1, 2010:
The company uses the cost method to account for treasury stock transactions. During 2010, the following treasury stock transactions occurred:
April 1 Purchased 10,000 shares at $16 per share.
August 1 Sold 4,000 shares at $18 per share.
October 1 Sold 4,000 shares at $15 per share.
Instructions
(a) Journalize the treasury stock transactions for 2010.
(b) Prepare the Stockholders' Equity section of the balance sheet for Yunger Corporation at December 31, 2010. Assume net income was $110,000 for 2010.

Question

Yunger Corporation has the following stockholders' equity accounts on January 1, 2010:  
The company uses the cost method to account for treasury stock transactions. During 2010, the following treasury stock transactions occurred:
April 1 Purchased 10,000 shares at $16 per share.
August 1 Sold 4,000 shares at $18 per share.
October 1 Sold 4,000 shares at $15 per share.
Instructions
(a) Journalize the treasury stock transactions for 2010.
(b) Prepare the Stockholders' Equity section of the balance sheet for Yunger Corporation at December 31, 2010. Assume net income was $110,000 for 2010.

Quizplus · Accepted Answer

The Answer of Yunger Corporation has the following stockholders' equity accounts on January 1, 2010:  
The company uses the cost method to account for treasury stock transactions. During 2010, the following treasury stock transactions occurred:
April 1 Purchased 10,000 shares at $16 per share.
August 1 Sold 4,000 shares at $18 per share.
October 1 Sold 4,000 shares at $15 per share.
Instructions
(a) Journalize the treasury stock transactions for 2010.
(b) Prepare the Stockholders' Equity section of the balance sheet for Yunger Corporation at December 31, 2010. Assume net income was $110,000 for 2010.

Yunger Corporation Has the Following Stockholders' Equity Accounts on January