Analysis of Owners’ Equity
From the following information, reconstruct the journal entries that were made by Rivers Corporation during 2008.
|
|
Dec 31, 2008 |
Dec 31, 2007 |
||
|
|
Amount |
Shares |
Amount |
Shares |
|
Common stock |
$175,000 |
7,000 |
$150,000 |
6,000 |
|
Paid in capital in excess of par |
54,250 |
— |
36,000 |
— |
|
Paid in capital from treasury stock |
1,000 |
200 |
— |
— |
|
Retained earnings |
76,500* |
— |
49,000 |
— |
|
Treasury stock |
15,000 |
300 |
— |
— |