The following information applies to the questions displayed below.] The followi

Question

The following information applies to the questions displayed below.] The following information pertains to Wise Corp. at January 1, 2014: Common stock, $11 par, 11,000 shares authorized, 2,200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $24,200 15,700 57,500 Wise Corp. completed the following transactions during 2014: 1. Issued 1,100 shares of $11 par common stock for $28 per share. 2. Repurchased 190 shares of its own common stock for $25 per share. 3. Resold 50 shares of treasury stock for $26 per share. value: 10.00 points

Explanation / Answer

Accounting equation :

Event Cash = Liabilities + Common Stock + Paid in capital in excess common Stock + Paid in capital in excess treasury stock - Treasury stock + Retained earnings Beg balance 24200 + 15700 + 0 - 0 + 57500 1 30800 = 0 + 12100 + 18700 + 0 - 0 + 0 2 -4750 = 0 + 0 + 0 + 0 - 4750 + 0 3 1300 = 0 + 0 + 0 + 50 - -1250 + 0

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