IOT SIUCK ITleulalely dlter the stock split?inior5. Aluminum, Inc. engaged in the following transactions involving its common stock during 2019:Feb. 2Issued 10,000 shares of $15 par value common stock at $90 cash per share.Aug. 1Purchased back 3,000 shares of common stock at 93 cash per share.Sept. 1Resold 1,200 shares of treasury stock at $99 cash per share.Exchanged remaining 1,800 shares of treasury stock for a patent with a fair value of$162,000Nov. 1Required:Prepare general journal entries to record these transactions.

Question
Asked Oct 17, 2019

Can you please help with journal entries on question 5. Thank you!

IOT SIUCK I
Tleulalely dlter the stock split?
inior
5. Aluminum, Inc. engaged in the following transactions involving its common stock during 2019:
Feb. 2
Issued 10,000 shares of $15 par value common stock at $90 cash per share.
Aug. 1
Purchased back 3,000 shares of common stock at 93 cash per share.
Sept. 1
Resold 1,200 shares of treasury stock at $99 cash per share.
Exchanged remaining 1,800 shares of treasury stock for a patent with a fair value of
$162,000
Nov. 1
Required:
Prepare general journal entries to record these transactions.
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IOT SIUCK I Tleulalely dlter the stock split? inior 5. Aluminum, Inc. engaged in the following transactions involving its common stock during 2019: Feb. 2 Issued 10,000 shares of $15 par value common stock at $90 cash per share. Aug. 1 Purchased back 3,000 shares of common stock at 93 cash per share. Sept. 1 Resold 1,200 shares of treasury stock at $99 cash per share. Exchanged remaining 1,800 shares of treasury stock for a patent with a fair value of $162,000 Nov. 1 Required: Prepare general journal entries to record these transactions.

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When a company buy back its own shares, it is known as treasury stock. It is dependent upon the adminis...

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