Mar. 1 - Purchased 1,000 shares of its own common stock at $11 per share:DRCRApr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per shaDRCRCR.Jun. 12 Reissued 500 shares of common stock at $9 per share:DRDRCR 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 $1 par value commonstock.NOTE: I know I'm throwing you a bit of a curve on this problem. Please go to Chapter14 on TreasuryStock (p.875).Additional Paid-in Capital fromTreasury StockCommon StockTreasury StockAdditional Paid-in Capital fromCashLandCommon StockCommon Stock DividendRetained EarningsCash Dividends PayableDistributableAdditional Paid-in Capital fromPreferred StockEquipmentPreferred StockIn its fifth year, the corporation has the following transactions. Using the accounts listed above,journalize the transactions.PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to recordaccounts in the same order as shown in the textbook. You must enter the account names exactly aswritten above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed(i.e. $12,345).

Solution: When company buy its own stock, it will be debited to treasury stock and same is reported…

Mar. 1 - Purchased 1,000 shares of its own common stock at $11 per share: DR CR Apr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per DR CR CR Jun. 12 - Reissued 500 shares of common stock at $9 per share:

Mar. 1 - Purchased 1,000 shares of its own common stock at $11 per share: DR CR Apr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per DR CR CR Jun. 12 - Reissued 500 shares of common stock at $9 per share:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...

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