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 vording 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 vording of account titles.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 12.5BE
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