(Solution) - I 9 Networking Solutions began operations on January 1 2012 an -(2025 Original AI-Free Solution)

Paper Details

I-9 Networking Solutions began operations on January 1, 2012, and immediately issued its stock, receiving cash. I-9?s balance sheet at December 31, 2012, reported the following stockholders? equity:
Common stock, $1 par...................... $ 56,000
Additional paid-in capital.................. 394,400
Retained earnings.............................. 41,000
Treasury stock, 500 shares................ (2,000)
Total stockholders? equity............ $489,400
During 2012, I-9
a. issued stock for $8 per share.
b. purchased 800 shares of treasury stock, paying $4 per share.
c. resold some of the treasury stock.
d. declared and paid cash dividends.

Requirement
1. Journalize all of I-9?s stockholders? equity transactions during the year. I-9?s entry to close net income to Retained Earnings was asfollows: