Your answer is partially correct. Bramble Corp. purchased from its stockholders 5,600 shares of its own previously issued stock for $291,200. It later. resold 2,000 shares for $55 per share, then 2,000 more shares for $50 per share, and finally 1,600 shares for $44 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock Cash (To record purchase from stockholders.) Cash Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $55 per share.) Cash Pald-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $50 per share.) Cash Paid-in Capital from Treasury Stock Retained Earnings Treasury Stock (To record sale of shares at $44 per share.) eTextbook and Media Solution List of Accounts 291200 110000 NODO 100 100000 291200 104000 104000 Assistance Used
Your answer is partially correct. Bramble Corp. purchased from its stockholders 5,600 shares of its own previously issued stock for $291,200. It later. resold 2,000 shares for $55 per share, then 2,000 more shares for $50 per share, and finally 1,600 shares for $44 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock Cash (To record purchase from stockholders.) Cash Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $55 per share.) Cash Pald-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $50 per share.) Cash Paid-in Capital from Treasury Stock Retained Earnings Treasury Stock (To record sale of shares at $44 per share.) eTextbook and Media Solution List of Accounts 291200 110000 NODO 100 100000 291200 104000 104000 Assistance Used
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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