On March 31, 2016, Carolina Corporation had outstanding 200,000 shares of 8 percent preferred stock with a

Question:

On March 31, 2016, Carolina had outstanding 200,000 shares of 8 percent preferred stock with a of $10. The stock was originally issued for $13.50 per share. On that date, the repurchased 15,000 shares of the preferred stock, paying cash of $13.30 per share for the stock. Give the general journal entry to record repurchase of the treasury stock.
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,...