Zina Corporation was organized during 2002. At the end of 2002, the stockholders equity section of the balance sheet appeared as follows:
|
Contributed capital: |
|
|
Preferred stock (8%, $40 par, 10,000 shares authorized, |
|
|
5,000 shares issued and outstanding) |
$200,000 |
|
Common stock ($20 par, 30,000 shares authorized, 12,000 issued, |
|
|
10,000 outstanding). |
240,000 |
|
Paid in capital in excess of par, preferred stock. |
50,000 |
|
Total contributed capital |
$490,000 |
|
Retained earnings |
110,000 |
|
Total contributed capital plus retained earnings |
$600,000 |
|
Less treasury stock (2,000 shares at cost of $25 per share) . |
(50,000) |
|
Total stockholders equity |
$550,000 |
Required
During 2003, the following transactions occurred in the order given:
a. Issued 1,000 shares of common stock at $24 per share.
b. Reissued 1,000 shares of treasury stock at $27 per share.
c. Reissued 500 shares of treasury stock at $20 per share.