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'To be solved by AjKaushal' Can you please hel...

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'To be solved by AjKaushal' Can you please help with the second requirement? National Supply's shareholders' equity included the following accounts at December 31, 2012: 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: 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. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) February 15, 2013 Reacquired 300,000 shares at $8 per share. February 17, 2014 Reacquired 300,000 shares at $5.50 per share. November 9, 2015 Sold 200,000 shares at $7 per share (assume FIFO cost). 2. Prepare the shareholders? equity section of National Supply?s balance sheet at December 31, 2015, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $14 million in 2013, $15 million in 2014, and $16 million in 2015. No dividends were paid during the three-year period. (Enter your answers in whole dollars.)

 

Paper#5892 | Written in 18-Jul-2015

Price : $25
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