Homework Help is Here – Start Your Trial Now!
Business
Accounting
statement effects (LO18-5] National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings Required: $ 3,000,000 21,000,000 83,500,000 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 280,000 shares at $10 per share. February 17, 2025 Reacquired 280,000 shares at $7.50 per share. November 9, 2026 Sold 185,000 shares at $9 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2024, $20 million in 2025, and $21 million in 2026. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list Journal entry worksheet 1 2 3 Record the purchase of 280,000 shares at $10 per share on February 15, 2024 for retirement. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2024 Common stock Paid-in capital - excess of par Retained earnings 280,000 1,960,000 Cash Record entry Clear entry View general journal

statement effects (LO18-5] National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings Required: $ 3,000,000 21,000,000 83,500,000 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 280,000 shares at $10 per share. February 17, 2025 Reacquired 280,000 shares at $7.50 per share. November 9, 2026 Sold 185,000 shares at $9 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2024, $20 million in 2025, and $21 million in 2026. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list Journal entry worksheet 1 2 3 Record the purchase of 280,000 shares at $10 per share on February 15, 2024 for retirement. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2024 Common stock Paid-in capital - excess of par Retained earnings 280,000 1,960,000 Cash Record entry Clear entry View general journal

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
See similar textbooks
icon
Related questions
Question

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

statement effects (LO18-5] National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings Required: $ 3,000,000 21,000,000 83,500,000 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 280,000 shares at $10 per share. February 17, 2025 Reacquired 280,000 shares at $7.50 per share. November 9, 2026 Sold 185,000 shares at $9 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2024, $20 million in 2025, and $21 million in 2026. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list Journal entry worksheet 1 2 3 Record the purchase of 280,000 shares at $10 per share on February 15, 2024 for retirement. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2024 Common stock Paid-in capital - excess of par Retained earnings 280,000 1,960,000 Cash Record entry Clear entry View general journal
Transcribed Image Text:statement effects (LO18-5] National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings Required: $ 3,000,000 21,000,000 83,500,000 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 280,000 shares at $10 per share. February 17, 2025 Reacquired 280,000 shares at $7.50 per share. November 9, 2026 Sold 185,000 shares at $9 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2024, $20 million in 2025, and $21 million in 2026. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. View transaction list Journal entry worksheet 1 2 3 Record the purchase of 280,000 shares at $10 per share on February 15, 2024 for retirement. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2024 Common stock Paid-in capital - excess of par Retained earnings 280,000 1,960,000 Cash Record entry Clear entry View general journal
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS