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  • At The End of 2011 Jeffco Inc Had The Following

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    Jeffco Inc. had common stock of $1,400,000, additional paid-in capital of $526,400, and retained earnings of $310,000 at the end of 2011. In 2012, Jeffco sold stock, paid dividends, repurchased treasury stock, and earned net income of $89,600. A statement of stockholders' equity was prepared showing the balances at the end of 2012.

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    At the End of 2011 Jeffco Inc Had the Following

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    Jeffco Inc. had common stock of $1,400,000, additional paid-in capital of $526,400, and retained earnings of $310,000 at the end of 2011. In 2012, Jeffco sold stock, paid dividends, repurchased treasury stock, and earned net income of $89,600. A statement of stockholders' equity was prepared showing the balances at the end of 2012.

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    10 views1 page

    At The End of 2011 Jeffco Inc Had The Following

    Uploaded by

    Taimur Technologist
    Jeffco Inc. had common stock of $1,400,000, additional paid-in capital of $526,400, and retained earnings of $310,000 at the end of 2011. In 2012, Jeffco sold stock, paid dividends, repurchased treasury stock, and earned net income of $89,600. A statement of stockholders' equity was prepared showing the balances at the end of 2012.

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    At the end of 2011 Jeffco Inc had the following #2386

    At the end of 2011, Jeffco Inc. had the following equity accounts and balances:Common stock,
    $30 par ............. $1,400,000Additional paid-in capital—common stock ...... 526,400Retained
    earnings ................. 310,000During 2012, Jeffco engaged in the following transactions involving
    its equity accounts:a. Sold 8,000 shares of common stock for $35 per share.b. Sold 1,000
    shares of 9 percent, $120 par preferred stock at $125 per share.c. Declared and paid cash
    dividends of $15,000.d. Repurchased 500 shares of treasury stock (common) for $52 per
    share.e. Sold 100 of the treasury shares for $58 per share.Required:1. Prepare the journal
    entries for a through e.2. Assume that 2012 net income was $89,600. Prepare a statement of
    stockholders’ equity at December 31, 2012.View Solution:
    At the end of 2011 Jeffco Inc had the following

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