Danielson Company reported the following stockholder's equity section of the balance sheet on 1/1/15 (assume all common stock was issued on the same time):
Common Stock, $3 par value, 16,000 shares issued and outstanding$ 48,000
APIC - Common Stock 172,000
Retained Earnings 153,000
During 2015, Danielson Company engaged in the stock related transactions listed below:
2/9: Danielson Company repurchases and retires 4,000 shares at a price of $10 per share
5/29: Danielson Company repurchases and retires 6,100 shares at a price of $17 per share
11/18: Danielson Company issues 3,800 shares at a price of $18 per share
Instructions:
a.) On Jan 1, 2015, what is the average cost of shares issued?
b.) Prepare the February 9th, May 29th and November 18th journal entries
c.) Prepare the stockholders equity section of the balance sheet on 12/31/14.