Business, 18.03.2020 22:04 waltzcampbell
National Supply’s shareholders’ equity included the following accounts at December 31, 2015:
Shareholders' Equity ($ in millions)
Common stock, 6 million shares at $1 par $6,000,000
Paid-in capital—excess of par 30,000,000
Retained earnings 86,500,000
Required:
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, 2016 Reacquired 300,000 shares at $8 per share.
February 17, 2017 Reacquired 300,000 shares at $5.50 per share.
November 9, 2018 Sold 200,000 shares at $7 per share (assume FIFO cost)
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National Supply’s shareholders’ equity included the following accounts at December 31, 2015:
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