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finance
The following information pertains to JAE Corp. at January 1, 2016: $$ \begin{array}{lr} \text{Common stock, \$10 par, 20,000 shares authorized,}\\ \text{\hspace{10pt}2,000 shares issued and outstanding} & \$20,000\\ \text{Paid-in capital in excess of par, common stock} & \text{15,000}\\ \text{Retained earnings} & \text{82,000}\\ \end{array} $$ JAE Corp. completed the following transactions during 2016: **1.** Issued 3,000 shares of $10 par common stock for$25 per share. **2.** Repurchased 500 shares of its own common stock for $26 per share. **3.** Resold 200 shares of treasury stock for$30 per share. \ **Required** Prepare journal entries for these transactions and post them to T-accounts.
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finance
Cepeda Company manufactures backpacks. During 2014, Cepeda issued bonds at 10% interest and used the cash proceeds to purchase treasury stock. The following financial information is available for Cepeda Company for the years 2014 and 2013. $$ \begin{array}{lcc} &\underline{\textbf{2014}}&\underline{\textbf{2013}}\\[5pt] \text{Sales revenue}&\text{\$\hspace{5pt}9,000,000}&\text{\$\hspace{5pt}9,000,000}\\ \text{Net income}&\text{\hspace{10pt}2,240,000}&\text{\hspace{10pt}2,500,000}\\ \text{Interest expense}&\text{\hspace{17pt}500,000}&\text{\hspace{17pt}140,000}\\ \text{Tax expense}&\text{\hspace{17pt}670,000}&\text{\hspace{17pt}750,000}\\ \text{Dividends paid on common stock}&\text{\hspace{17pt}890,000}&\text{\hspace{10pt}1,026,000}\\ \text{Dividends paid on preferred stock}&\text{\hspace{17pt}300,000}&\text{\hspace{17pt}300,000}\\ \text{Total assets}&\text{\hspace{5pt}14,500,000}&\text{\hspace{5pt}16,875,000}\\ \text{Average total assets}&\text{\hspace{5pt}15,687,500}&\text{\hspace{5pt}17,763,000}\\ \text{Total liabilities}&\text{\hspace{10pt}6,000,000}&\text{\hspace{10pt}3,000,000}\\ \text{Avg. total common stockholders’ equity}&\text{\hspace{10pt}9,400,000}&\text{\hspace{5pt}14,100,000}\\ \end{array} $$ ***Instructions*** (c) Referring to your findings in part (a), discuss the changes in the company’s solvency from 2013 to 2014.
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