(Learning Objectives 2, 3: Account for issuance of stock; show how treasury stock transactions affect stockholders' equity)Journalize the following transactions of Alameda Productions:
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Jan
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21
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Issued 1,800 shares of $1.25 par common stock at $13 per share.
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Jun
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23
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Purchased 500 shares of treasury stock at $15 per share.
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Jul
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12
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Sold 400 shares of treasury stock at $22 per share.
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What was the overall effect of these transactions on Alameda's stockholders' equity?
(Learning Objectives 2, 3, 4: Account for issuance of stock; show how treasury stock affects a company; account for dividends) At December 31, 2012, Blumenthal Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts).
Blumenthal's 2013 transactions included the following:
a. Net income, $450 million
b. Issuance of 22 million shares of common stock for $14.00 per share
c. Purchase of 9 million shares of treasury stock for $18 million
d. Declaration and payment of cash dividends of $32 million
? Requirement
1. Journalize Blumenthal's transactions in b, c, and d. Explanations are not required.
(Learning Objective 6: Report stockholders' equity after a sequence of transactions) Use the Blumenthal Corporation data in Exercise 10-25A to prepare the stockholders' equity section of the company's balance sheet at December 31.