Question: ayayai corporation had the following stockholders equity accounts on january...
Ayayai Corporation had the following stockholders’ equity
accounts on January 1, 2020: Common Stock ($5 par) $500,000,
Paid-in Capital in Excess of Par—Common Stock $200,000, and
Retained Earnings $120,000. In 2020, the company had the following
treasury stock transactions.
|Mar.||1||Purchased 5,500 shares at $9 per share.|
|June||1||Sold 1,000 shares at $13 per share.|
|Sept.||1||Sold 1,000 shares at $11 per share.|
|Dec.||1||Sold 1,500 shares at $7 per share.|
Ayayai Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000.
Prepare the stockholders’ equity section for Ayayai Corporation at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.)