Gibbs Corporation purchased 2,000 shares of its $10 par value common stock for $76,000 on August 1 It will hold these in the treasury until resold Journalize the treasury stock transaction ...

Gibbs Corporation purchased 2,000 shares of its $10 par value common stock for $76,000 on August 1.

Question:

Gibbs purchased 2,000 shares of its $10 for $76,000 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock transaction.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...