On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a share. It sold 4,000 of the treasury shares at $31 a share on June 10. The remaining 2,000 shares were sold on November 10 for $24 a share. Required: a. Journalize the entries to record the purchase (treasury stock is recorded at cost)." b. Journalize the entries to record the sale of the stock.* "Refer to the Chart of Accounts for exact wording of account titles.
On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $28 a share. It sold 4,000 of the treasury shares at $31 a share on June 10. The remaining 2,000 shares were sold on November 10 for $24 a share. Required: a. Journalize the entries to record the purchase (treasury stock is recorded at cost)." b. Journalize the entries to record the sale of the stock.* "Refer to the Chart of Accounts for exact wording of account titles.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 11EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...
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