Business, 23.04.2021 16:40 clinky89

Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,800, declared no dividends, and the following selected transactions occurred in the order given: A. Issued 66,000 shares of the common stock at $12 cash per share.
B. Re-acquired 2,600 shares at $15 cash per share from stockholders; the shares are now held in treasury.
C. Re-issued 1,300 of the shares in transaction (b) two months later at $18 cash per share.
1. Indicating the account, amount, and direction of the effect on above transaction
2. Prepare journal entries to record each transaction
3. Prepare the stockholders’ equity section of the balance sheet at December 31.

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