On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 250 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 520 shares of its treasury stock for $6 per share. Prepare the journal entries to record these transactions.

On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 250 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 520 shares of its treasury stock for $6 per share. Prepare the journal entries to record these transactions.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 11RE

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