southern amusements corporation had the following stockholders equity on november 30 4374357

Southern Amusements Corporation had the following stockholders’ equity on November 30:Stockholders’ EquityPaid-In Capital:Common Stock—$ 5 Par Value; 1,300 shares authorized, 290 shares issued and outstanding ………… $ 1,450Paid- In Capital in Excess of Par—Common ……… 13,500 Total Paid- In Capital ……………… 14,900Retained Earnings ……………….. 57,000Total Stockholders’ Equity …………… $ 71,950On December 30, Southern purchased 275 shares of treasury stock at $ 14 per share. Requirements 1. Journalize the purchase of the treasury stock. 2. Prepare the stockholders’ equity section of the balance sheet at December 31. Assume the balance in retained earnings is unchanged from November 30. 3. How many shares of common stock are outstanding after the purchase of ­treasury stock?View Solution:
Southern Amusements Corporation had the following stockholders equity on November

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