Pioneer Amusements Corporation had the following

stockholders equity on November #453

Pioneer Amusements Corporation had the following stockholders’ equity on November
30:Stockholders' EquityPaid-In Capital:Common Stock—$5 Par Value; 1,300 shares authorized,
130 shares issued and outstanding ................ $ 650Paid-In Capital in Excess of Par—Common
.... 1,950Total Paid-In Capital ............. 2,600Retained Earnings ............. 52,000Total
Stockholders' Equity ......... $ 54,600On December 30, Pioneer purchased 100 shares of
treasury stock at $11 per share.Requirements1. Journalize the purchase of the treasury stock.2.
Prepare the stockholders’ equity section of the balance sheet at December 31,2016. Assume
the balance in retained earnings is unchanged from November 30.3. How many shares of
common stock are outstanding after the purchase of treasury stock?View Solution:
Pioneer Amusements Corporation had the following stockholders equity on November

ANSWER
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