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Washington Company has the following stockholders’ equity accounts at December 31, 2020.
Common Stock ($100 par value, authorized 8,000 shares).......................$480,000
Retained Earnings.............................................................................................294,000
Instructions
a. Prepare entries in journal form to record the following transactions, which took place during 2021.
1. 280 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)
2. A $20 per share cash dividend was declared.
3. The dividend declared in (2) above was paid.
4. The treasury shares purchased in (1) above were resold at $102 per share.
5. 500 shares of outstanding stock were purchased at $105 per share.
6. 350 of the shares purchased in (5) above were resold at $96 per share.
b. Prepare the stockholders’ equity section of Washington Company’s balance sheet after giving eff ect to these transactions, assuming that the net income for 2021 was $94,000. State law requires restriction of retained earnings for the amount of treasury stock.
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