Question

The stockholders’ equity section of the Olivia Corporation’s balance sheet at December 31, 2019, appears below:...

The stockholders’ equity section of the Olivia Corporation’s balance sheet at December 31, 2019, appears below:

      Stockholders’ equity

            Paid-in capital

                  Common stock, $10 par value, 400,000 shares authorized;

                     300,000 issued and outstanding                                                                $3,000,000

            Paid-in capital in excess of par                                                                            1,200,000

                        Total paid-in capital                                                                                 4,200,000

            Retained earnings                                                                                                   900,000

                        Total stockholders’ equity                                                                     $5,100,000

During 2020, the following stock transactions occurred. Prepare the journal entries to record these stock transactions.

Jan.     18      Issued 50,000 shares of common stock at $23 per share.

Aug.   20      Purchased 15,000 shares of Olivia Corporation’s common stock at $24 per share to be held in the treasury.

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