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EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 1,500 shares of its own common stock at $17 per share. Apr. 10 Reissued 750 shares of its common stock held in the treasury for $21 per share. Jun. 12 Reissued 750 shares of common stock at $15 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 1,500 shares of its own common stock at $17 per share. Apr. 10 Reissued 750 shares of its common stock held in the treasury for $21 per share. Jun. 12 Reissued 750 shares of common stock at $15 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 6PA: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of...
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EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions:

Mar. 1 Purchased 1,500 shares of its own common stock at $17 per share.
Apr. 10 Reissued 750 shares of its common stock held in the treasury for $21 per share.
Jun. 12 Reissued 750 shares of common stock at $15 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

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