Prepare the balance sheet sections affected

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Reference no: EM131972303

Problem

Sally Fraser Corporation had the following transactions during 2017, its first year of operations, related to its $2.50 par value (300000 shares authorized) common stock:

1/10/17 Issued 84,000 shares of common stock for cash at $3 per share.

3/1/17 A

7/1/17 Issued 27,000 shares for cash at $8 per share.

9/1/17 Reacquired 6,000 shares for cash at $9 per share.

11/1/17 Reissued 2,000 shares of those acquired on Sept. 1 for cash at $6 per share.

State law where Sally Fraser is incorporated restricts retained earnings for the balance of any treasury stock account.

Required:

Prepare the above journal entries in general journal form.

Prepare the balance sheet sections affected by the above entries at December 31, 2017. Sally Fraser prepares a classified balance sheet.

Reference no: EM131972303

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