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Danielson company reported following stockholder''s equity

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Reference no: EM131021309

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 outstandingmce_markernbsp; 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

Reference no: EM131021309

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