Question

The stockholders' equity section of Piper Corporation's balance sheet at December 31, 2016, appears below: Stockholders'...

The stockholders' equity section of Piper Corporation's balance sheet at December 31, 2016, 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 2017, the following stock transactions occurred:
Jan. 18 Issued 80,000 shares of common stock at $23 per share.
Aug. 20 Purchased 20,000 shares of Piper Corporation's common stock at $25 per share to be held in the treasury.
Prepare the journal entries to record the above stock transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 18Aug. 20

(To record issuance of 80,000 shares of common stock)

Jan. 18Aug. 20

(To record purchase of 20,000 shares of treasury stock at cost)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

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Prepare the stockholders' equity section of the balance sheet for Piper Corporation at December 31, 2017. Assume that net income for the year was $150,000 and that no dividends were declared.
PIPER CORPORATION
Balance Sheet (Partial)
December 31, 2017

Capital StockRetained EarningsTotal Stockholders' EquityIn Excess of Par ValueCommon Stock, $10 Par Value and 380,000 Shares IssuedAdditional Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Paid-in CapitalTreasury Stock (20,000 shares)Stockholders' EquityPaid-in Capital

Stockholders' EquityCapital StockPaid-in CapitalTotal Paid-in Capital and Retained EarningsCommon stock, $10 par value, 400,000 shares authorized, 380,000 shares issued, and 360,000 shares outstandingTreasury Stock (20,000 shares)Total Stockholders' EquityIn Excess of Par ValueTotal Paid-in CapitalRetained EarningsAdditional Paid-in Capital

Total Stockholders' EquityRetained EarningsTotal Paid-in Capital and Retained EarningsCommon Stock, $10 Par Value and 380,000 Shares IssuedPaid-in CapitalStockholders' EquityCapital StockAdditional Paid-in CapitalTreasury Stock (20,000 shares)In Excess of Par ValueTotal Paid-in Capital

    Additional Paid-in Capital    Total Stockholders' Equity    In Excess of Par Value    Stockholders' Equity    Treasury Stock (20,000 shares)    Total Paid-in Capital and Retained Earnings    Total Paid-in Capital    Retained Earnings    Paid-in Capital    Common Stock, $10 Par Value and 380,000 Shares Issued    Capital Stock    

$

Additional Paid-in CapitalStockholders' EquityTotal Paid-in CapitalRetained EarningsPaid-in CapitalCapital StockTotal Paid-in Capital and Retained EarningsCommon Stock, $10 Par Value and 380,000 Shares IssuedTotal Stockholders' EquityTreasury Stock (20,000 shares)In Excess of Par Value

    Total Paid-in Capital    Treasury Stock (20,000 shares)    Retained Earnings    Total Stockholders' Equity    Additional Paid-in Capital    Stockholders' Equity    Common Stock, $10 Par Value and 380,000 Shares Issued    In Excess of Par Value    Total Paid-in Capital and Retained Earnings    Paid-in Capital    Capital Stock    

    Total Paid-in Capital    Retained Earnings    Stockholders' Equity    Paid-in Capital    Additional Paid-in Capital    Treasury Stock (20,000 shares)    Capital Stock    Total Paid-in Capital and Retained Earnings    Common Stock, $10 Par Value and 380,000 Shares Issued    Total Stockholders' Equity    In Excess of Par Value    

Paid-in CapitalTotal Stockholders' EquityTreasury Stock (20,000 shares)Stockholders' EquityCapital StockCommon Stock, $10 Par Value and 380,000 Shares IssuedAdditional Paid-in CapitalTotal Paid-in Capital and Retained EarningsRetained EarningsIn Excess of Par ValueTotal Paid-in Capital

    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Additional Paid-in Capital    Total Stockholders' Equity    Treasury Stock (20,000 shares)    In Excess of Par Value    Common Stock, $10 Par Value and 380,000 Shares Issued    Paid-in Capital    Retained Earnings    Stockholders' Equity    Capital Stock    

AddLess

:

Total Paid-in CapitalRetained EarningsTotal Paid-in Capital and Retained EarningsIn Excess of Par ValueTreasury Stock (20,000 shares)Common Stock, $10 Par Value and 380,000 Shares IssuedTotal Stockholders' EquityCapital StockStockholders' EquityPaid-in CapitalAdditional Paid-in Capital

    Capital Stock    Stockholders' Equity    Common Stock, $10 Par Value and 380,000 Shares Issued    Additional Paid-in Capital    In Excess of Par Value    Total Paid-in Capital    Treasury Stock (20,000 shares)    Total Stockholders' Equity    Paid-in Capital    Retained Earnings    Total Paid-in Capital and Retained Earnings    

$

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