The following information pertains to JAE Corp. at January 1, 2018:
Common stock, $10 par, 20,000 shares authorized,
2,000 shares issued and outstanding……………………………………….$20,000
Paid-in capital in excess of par, common stock……………………………..15,000
Retained earnings……………………………………………………………82,000
JAE Corp. completed the following transactions during 2018:
1. Issued 3,000 shares of $10 par for $25 per share.
2. Repurchased 500 shares of its own for $26 per share.
3. Resold 200 shares of treasury stock for $30 per share.
Required
a. How many shares of were outstanding at the end of the period?
b. How many shares of had been issued at the end of the period?
c. Organize the transactions data in accounts under the accounting equation.
d. Prepare the stockholders’ equity section of the reflecting these transactions.
Include the number of shares authorized, issued, and outstanding in the description of the common stock.
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