The stockholders' equity section of Ankiel Corporation's balance sheet at December 31, 2009, appears below:
During 2010, the following stock transactions occurred:
Jan. 18 Issued 50,000 shares of common stock at $32 per share.
Aug. 20 Purchased 25,000 shares of Ankiel Corporation's common stock at $26 per share to be held in the treasury.
Nov. 5 Reissued 9,000 shares of treasury stock for $28 per share.
Instructions
(a) Prepare the journal entries to record the above stock transactions.
(b) Prepare the stockholders' equity section of the balance sheet for Ankiel Corporation at December 31, 2010. Assume that net income for the year was $100,000 and that no dividends were declared.

Question

The stockholders' equity section of Ankiel Corporation's balance sheet at December 31, 2009, appears below:  
During 2010, the following stock transactions occurred:
Jan. 18 Issued 50,000 shares of common stock at $32 per share.
Aug. 20 Purchased 25,000 shares of Ankiel Corporation's common stock at $26 per share to be held in the treasury.
Nov. 5 Reissued 9,000 shares of treasury stock for $28 per share.
Instructions
(a) Prepare the journal entries to record the above stock transactions.
(b) Prepare the stockholders' equity section of the balance sheet for Ankiel Corporation at December 31, 2010. Assume that net income for the year was $100,000 and that no dividends were declared.

Quizplus · Accepted Answer

The Answer of The stockholders' equity section of Ankiel Corporation's balance sheet at December 31, 2009, appears below:  
During 2010, the following stock transactions occurred:
Jan. 18 Issued 50,000 shares of common stock at $32 per share.
Aug. 20 Purchased 25,000 shares of Ankiel Corporation's common stock at $26 per share to be held in the treasury.
Nov. 5 Reissued 9,000 shares of treasury stock for $28 per share.
Instructions
(a) Prepare the journal entries to record the above stock transactions.
(b) Prepare the stockholders' equity section of the balance sheet for Ankiel Corporation at December 31, 2010. Assume that net income for the year was $100,000 and that no dividends were declared.

The Stockholders' Equity Section of Ankiel Corporation's Balance Sheet at December