Question 15 On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10 par value) $400,000, paid-in (contributed) capital in excess of par vallue $200,000, and retained eamings $150,000. During the year, the following treasury stock transactions occurred. March 5: Purchased 5,000 shares for cash at $28 per share. April 25: Sold 2,000 treasury shares for cash at $30 per share. June 25: Sold 3,000 treasury shares for cash at $22 per share Required: Prepare journal entries to record the above treasury stock transactions.
Question 15 On January 1, 2021, the stockholders' equity section of Seef Inc. was as follows: Common stock ($10 par value) $400,000, paid-in (contributed) capital in excess of par vallue $200,000, and retained eamings $150,000. During the year, the following treasury stock transactions occurred. March 5: Purchased 5,000 shares for cash at $28 per share. April 25: Sold 2,000 treasury shares for cash at $30 per share. June 25: Sold 3,000 treasury shares for cash at $22 per share Required: Prepare journal entries to record the above treasury stock transactions.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter15: Shareholders’ Equity: Capital Contributions And Distributions
Section: Chapter Questions
Problem 15E
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