Asked on 21 May 2020

A company reported the following stockholder's equity on January 1 of the current year:

Common stock, $10 par, 1,000,000 shares authorized, 400,000shares issued

$4,000,000

Paid-in capital in excess of par, common

1,200,000

Retained earnings

1,600,000

Total stockholders’ equity

$6,800,000

Prepare journal entries for the following selected transactions related to this company's stock during the current year:

Mar. 1

Purchased 10,000 shares of treasury stock for $17 per share.

May 5

Sold 4,000 shares of treasury stock for $16 per share.

Oct. 12

Sold 2,000 shares of treasury stock for $18 per share.

 
 
 

 

Answered on 21 May 2020

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