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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
1. On May 3, Lassman Corporation purchased 3,000 shares of its own stock for $27,000 cash. On November 4, Lassman reissued 750 shares of this treasury stock for $7,080. Prepare the May 3 and November 4 journal entries to record Lassman’s purchase and reissuance of treasury stock.
2. Barnes Company earned net income of $450,000 this year. The number of common shares outstanding during the entire year was 200,000, and preferred shareholders received a $10,000 cash dividend. Compute Barnes Company’s basic earnings per share.
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