Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to record the following transactions: a. On July 1, 2020, Bonneau reacquired 2,000 shares of treasury stock at $15. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. b. On July 20, Bonneau reissued 300 shares of treasury stock at $20. c. On August 15, Bonneau reissued 500 shares of treasury stock at $11.
Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to record the following transactions: a. On July 1, 2020, Bonneau reacquired 2,000 shares of treasury stock at $15. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. b. On July 20, Bonneau reissued 300 shares of treasury stock at $20. c. On August 15, Bonneau reissued 500 shares of treasury stock at $11.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...
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Bonneau Company currently has 20,000 shares of $10 par common stock
outstanding. Prepare entries to record the following transactions:
a. On July 1, 2020, Bonneau reacquired 2,000 shares of
stock is accounted for by the cost method. There were no previous purchases of treasury shares.
b. On July 20, Bonneau reissued 300 shares of treasury stock at $20.
c. On August 15, Bonneau reissued 500 shares of treasury stock at $11.
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