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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
(Treasury Stock Transactions and Presentation) Clemson Company had the following stockholders’ equity as of January 1, 2014.

During 2014, the following transactions occurred.
Feb. 1 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Clemson repurchased 2,000 shares of treasury stock at a price of $19 per share.
Mar. 1 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 800 shares of treasury stock repurchased above were reissued at $17 per share.
Mar. 18 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 500 shares of treasury stock repurchased above were reissued at $14 per share.
Apr. 22 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 600 shares of treasury stock repurchased above were reissued at $20 per share.
Instructions
(a) Prepare the journal entries to record the treasury stock transactions in 2014, assuming Clemson uses the cost method.
(b) Prepare the stockholders’ equity section as of April 30, 2014. Net income for the first 4 months of 2014 was $130,000.
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