Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock for $270,000. It later resold 1,725 shares for $53 per share, then 1,725 more shares for $48 per share, and finally 1,950 shares for $42 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.
Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock for $270,000. It later resold 1,725 shares for $53 per share, then 1,725 more shares for $48 per share, and finally 1,950 shares for $42 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.
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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Splish Brothers Inc. purchased from its stockholders 5,400 shares of its own previously issued stock for $270,000. It later resold 1,725 shares for $53 per share, then 1,725 more shares for $48 per share, and finally 1,950 shares for $42 per share.
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