29 Jun Question Lamar Inc. has issued 1,000,000
Question
Lamar Inc. has issued 1,000,000 shares of common stock with a par of $1.00 an additional paid in capital of $7,000,000. On 7/1/14 the company re-purchased one half of its stock for $15.00 per share. On 10/1/14 the company sold ½ of the treasury stock to Costa Co. for $18.00 per share.
Please provide the following:
1. A workpaper that displays the account changes leading to ending balances for the treasury stock, capital stock and additional paid in capital accounts.
. Frost’s Frozen Confections has issued 1,000,000 shares of common stock with a par of $1.00 an additional paid in capital of $7,000,000. Recently, Frost’s Frozen Confections has been most profitable. On 7/1/14 the company re-purchased one half of its stock for $15.00 per share. On 10/1/14 the company sold ½ of the treasury stock to Berliner’s Big Bad Brokerage for $18.00 per share.
Please provide the following:
1. A workpaper that displays the account changes leading to ending balances for the treasury stock, capital stock and additional paid in capital accounts.
2. Prepare the footnote for treasury stock.
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