Coronado Company had the following stockholders equity as of

Coronado Company had the following stockholders’ equity as of January 1, 2017.

Common stock, $5 par value, 20,300 shares issued $101,500

Paid-in capital in excess of par—common stock 294,000

Retained earnings 318,000

Total stockholders’ equity $713,500

During 2017, the following transactions occurred. Feb. 1 Coronado repurchased 2,020 shares of treasury stock at a price of $19 per share. Mar. 1 800 shares of treasury stock repurchased above were reissued at $17 per share. Mar. 18 500 shares of treasury stock repurchased above were reissued at $13 per share. Apr. 22 580 shares of treasury stock repurchased above were reissued at $20 per share.

Solution

Date Account title Debit Credit 2/1/17 Treasury stock 38380 Cash 38380 (Purchase of treasury stock 2,020 shares @$19 per share) 3/1/17 Cash 13600 Additional paid in capital - treasurystock 1600 Treasury stock 15200 (Reissue of 800 shares of treasury stock @$17 per share) 3/18/17 Cash 6500 Additional paid in capital - treasurystock 3000 Treasury stock 9500 (Reissue of 500 shares of treasury stock @$13 per share) 4/22/17 Cash 11600 Additional paid in capital - treasurystock 580 Treasury stock 11020 (Reissue of 580 shares of treasury stock @$20 per share) Coronado Company Balance sheet as at April 30, 2017 Stockholders\' equity section Paid up capital Common stock , $5 par value 20,300 shares issued 101500 Aditional paid in capital - Comon stock 294000 Aditional paid in capital - Treasury stock -4020 Total paid in capital 391480 Retained earnings 318000 Treasury stock -2660 Total stockholders\' equity 706820