ex 179 yohnalasse corporation has the following stockholders 39 equity accounts on j 4325041

Ex. 179

Yohnalasse Corporation has the following stockholders' equity accounts on January 1, 2017:

Common Stock, $10 par value …………………….$1,500,000

Paid-in Capital in Excess of Par…………………….200,000

Retained Earnings…………………………….     500,000

Total Stockholders' Equity…………………….$2,200,000

The company uses the cost method to account for treasury stock transactions. During 2017, the following treasury stock transactions occurred:

April1Purchased 10,000 shares at $18 per share.

August1Sold 4,000 shares at $22 per share.

October1Sold 4,000 shares at $15 per share.

Instructions

(a)Journalize the treasury stock transactions for 2017.

(b)Prepare the Stockholders' Equity section of the balance sheet for Yohnalasse Corporation at December 31, 2014. Assume net income was $110,000 for 2017.

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