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Prepare the stockholders' equity section of the balance sheet for Palmer

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$15.99

Prepare the stockholders’ equity section of the balance sheet for Palmer 1 The stockholders’ equity section of Palmer Corporation’s balance sheet at December 31, 2007, appears below: Stockholders’ equity Paid-in capital Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding $2,500,000 Paid-in capital in excess of par 1,200,000 Total paid-in capital 3,700,000 Retained earnings 600,000 Total stockholders’ equity $4,300,000 During 2008, the following stock transactions occurred: Jan. 18 Issued 50,000 shares of common stock at $30 per share. Aug. 20 Purchased 25,000 shares of Palmer Corporation’s common stock at $24 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 Palmer Corporation at December 31, 2008. Assume that net income for the year was $100,000 and that no dividends were declared 2 Tyler Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock. (a) Issued 30,000 shares at $55 per share. (b) Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market value of $60 per share Instructions Journalize the transactions. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Prepare the stockholders’ equity section of the balance sheet for Palmer

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