On January 1, 2022, the stockholders’ equity section of Metlock, Inc. shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.Mar.1 Purchased 51,000 shares for cash at $15 per share.July1 Sold 11,000 treasury shares for cash at $17 per share.Sept. 1 Sold 9,000 treasury shares for cash at $14 per share.Journalize the treasury stock transactions.

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

Answered: On January 1, 2022, the stockholders’…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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On January 1, 2022, the stockholders’ equity section of Metlock, Inc. shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar.	1	Purchased 51,000 shares for cash at $15 per share.
July	1	Sold 11,000 treasury shares for cash at $17 per share.
Sept.	1	Sold 9,000 treasury shares for cash at $14 per share.

Journalize the treasury stock transactions.

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