The condensed balance sheet of JCB Corporation at December 31, 2011, is shown below. During 2012, the following transactions affected stockholders’ equity: Feb. 15 Purchased 6,000 shares of JCB outstanding common stock at $18 per share. May 21 Sold 3,500 of the shares purchased on February 15 at $21 per share. Sept. 15 Issued 12,000 shares of previously unissued common stock at $22 per share. Dec. 21 Sold the remaining 2,500 shares of treasury stock at $23 per share. 31 Closed net income of $91,600 to Retained Earnings. Revenues were $291,000; expenses were $200,000. Required: 1. Prepare the journal entries to record the 2012 transactions. 2. Prepare the stockholders’ equity section of the balance sheet at December 31, 2012. 3. Prepare a statement of stockholders’ equity for the year ended December 31,2012.
The condensed balance sheet of JCB Corporation at December 31, 2011, is shown below. During 2012,.
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