A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. If an amount box does not require an entry, leave it blank. b. Sold 500 shares of treasury stock at $15. If an amount box does not require an entry eave it blank. c. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4,000 shares common stock for the remaining. If an amount box does not require an entry, leave it blank. d. Sold 500 shares of treasury stock at $11. If an amount box does not require an entry leave it blank.
A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. If an amount box does not require an entry, leave it blank. b. Sold 500 shares of treasury stock at $15. If an amount box does not require an entry eave it blank. c. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4,000 shares common stock for the remaining. If an amount box does not require an entry, leave it blank. d. Sold 500 shares of treasury stock at $11. If an amount box does not require an entry leave it blank.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter15: Shareholders’ Equity: Capital Contributions And Distributions
Section: Chapter Questions
Problem 15E
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