Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par of $15 per share. A month later, Elroy resold 850 shares of the treasury stock for $48 per share. Requireda. Record the two events in general journal format.

Q: Bonita Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Calculate the total allocation. Journal entry:

Q: A company bought back 57,000 shares of its own common stock at $14 per share. Four months later the…

A: Given Information: Company bought back 57,000 shares at price $14 After 4 month 20,000 shares were…

Q: Elroy Corporation repurchased 3,600 shares of its own stock for $30 per share. The stock has a par…

A: Total amount of Treasury stock purchased = No. of stock Purchased * Amount per stock = 3600*$30 =…

Q: Familia Ltd. purchased from its shareholders 5,000 shares of its own previously issued shares for…

A: Purchase price of Treasury stock : = $ 250000/5000 shares = $ 50

Q: The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January…

A: The repurchase of treasury stock will be done at the amount paid to acquire it.

Q: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share.…

A: Paid in capital in excess of par = (Issue price per share - Face value per share) x No. of shares =…

Q: Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long acquired…

A: The company issues shares to the shareholders to raise and finance its required. Whenever company…

Q: On July 1, Pharoah Company purchases 590 shares of its $5 par value common stock for the treasury at…

A: Treasury Stock - It is reacquired stock which is brought back by the issuing company, reducing the…

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: journal entry to record the issuance, how much should be recorded for Paid-in Capital in Excess of…

A: Given in the question:- 500 Common Stock * $10 per share= $5000 200 Preferred Stock * $ 20 per…

Q: Elroy Corporation repurchased 1,100 shares of its own stock for $55 per share. The stock has a par…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: During this year, board of directors at Munoz Company authorizes repurchase of 100 shares of the…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock…

A: Purchase price of each share = $275,600/5300                                                = $ 52

Q: night Corp. holds 20,000 shares of its $10 par common stock as treasury stock reacquired in Year1…

A: Treasury stock is that part of the common stock of the company that is re-purchased by the issuing…

Q: On December 2, Coley Corp. acquired 1,400 shares of its $5 par value common stock for $20 each. On…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price…

A: To create a journal entry, you enter transaction details into ones company's books. Your journal…

Q: On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November…

A:

Q: On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November…

A:

Q: On October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On…

A: Working Notes: Treasury stock=Number of shares×Per share=10,000×$9=$90,000

Q: Hansen Inc. engaged in the following transactions during the current Hansen Inc. engaged in the…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Elroy Corporation repurchased 3,300 shares of its own stock for $55 per share. The stock has a par…

A: Solution Given Number of repurchased shares 3300 Repurchase price $55 Number of…

Q: On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of…

A: a.

Q: Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock…

A: Purchase price per share = Total amount paid / No. of shares purchased = $270,000/5400 shares = $50…

Q: Sampson Corp. had 500,000 shares of common stock outstanding at the beginning of the year. The…

A: Solution Concept Basic earning per share =earning available for common shareholders / weighted…

Q: On July 1, Metlock, Inc. purchases 570 shares of its $5 par value common stock for the treasury at a…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Elroy Corporation repurchased 3,400 shares of its own stock for $40 per share. The stock has a par…

A: Preparing journal entries for treasury stock:

Q: help!

A: Treasury stock: The shares of a corporation that are bought back from the shareholders for cash but…

Q: On June 10, Starbar Corp. repurchased 1,000 shares of its outstanding common stock for $10 per…

A: Treasury stock often referred to as treasury shares, is previously outstanding shares which the…

Q: Elroy Corporation repurchased 2,500 shares of its own stock for $35 per share. The stock has a par…

A: Treasury shares are those shares which are being repurchased by the company from its own…

Q: Sunland Company has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump…

A: Stocks are issued at fair value. But, they should record as “par value for share capital” and…

Q: Elroy Corporation repurchased 4,000 shares of its own stock for $50 per share. The stock has a par…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that is already…

Q: Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par…

A: Solution a: Elroy Corporation - Journal Entries Event Particulars Debit  Credit 1 Treasury…

Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…

A:

Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…

A:

Q: On February 14, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On…

A: Treasury stock is the reacquired shares by the company. The company has the right to reissue these…

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: Costing method highlights Under the Costing method cost of the investment in securities is recorded…

Q: On May 27, Mama Mia Inc. reacquired 78,000 shares of its common stock at $8 per share. On August 3,…

A: Treasury stock are shares reacquired by the company. Treasury stock is shown at last in the…

Q: Culver Corporation purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Account Titles and Explanation Debit Credit Treasury Stock $306,000               Cash (6000*51)…

Q: On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…

A: Every company is authorized to issue a specified number of shares. The company issues the shares to…

Q: On May 27, Hydro Clothing Inc. reacquired 75,000 shares of its common stock at $8 per share. On…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

Q: Anthem Inc. issues 200,000 shares of stock with a par value of $0.11 for $160 per share. Three years…

A: Stocks of a company are the financial instruments which are issued to raise fund for the company. In…

Q: Emma Consulting had previously purchased 3,466 shares of treasury stock for $7 per share. Emma then…

A: Given,  3,600 shares purchased for $7 per share Sold 1,225 shares of treasury stock for $13 per…

Q: Blossom Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Workings:

Q: On May 1, Z Company repurchased (bought back) 12,000 shares of its own $2 par common stock as…

A: Working notes:

Q: Elroy Corporation repurchased 3,800 shares of its own stock for $55 per share. The stock has a par…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that is already…

Q: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…