What is the effect on earnings per share when a company purchases treasury stock

The stockholders equity section of Nielsen Corporation s December 31, 2002, balance sheet is as follows:

Stockholders equity:
Preferred stock (10%, $50 par, 10,000 shares authorized,
1,000 shares issued and outstanding) $ 50,000
Common stock ($15 par, 100,000 shares authorized,
5,000 shares issued and outstanding) 75,000
Paid-in capital in excess of par, preferred stock . 2,000
Paid-in capital in excess of par, common stock . 25,000
Total contributed capital. $152,000
Retained earnings. 102,000
Total stockholders equity $254,000

During 2003, Nielsen Corporation had the following transactions affecting stockholders equity:

Jan. 20 Paid a cash dividend of $2 per share on common stock. The dividend was declared on December 15, 2002.

Aug. 15 Reacquired 1,000 shares of common stock at $20 per share.

Sept. 30 Reissued 500 shares of treasury stock at $21 per share.

Oct. 15 Declared and paid cash dividends of $3 per share on the common stock.

Nov. 1 Reissued 200 shares of treasury stock at $18 per share.

Dec. 15 Declared and paid the 10% preferred cash dividend.

Dec. 31 Closed net income of $40,000 to Retained Earnings. (Revenues were $260,000; expenses were $220,000.) Also closed the dividends accounts to Retained Earnings.

Required

1. Journalize the transactions.

2. Prepare the stockholders equity section of Nielsen Corporation s December 31, 2003, balance sheet.

3. Interpretive Question: What is the effect on earnings per share when a company purchases treasury stock

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