Paris Corporation provides travel planning services for large corporations across the world On January 23, 2019, Paris Corporation repurchases 275,000 shares of its outstanding common stock for $12 per share On May 19, 2019, Paris sells 100,500 shares of treasury stock for $8 per share On November ...

1 Journal Date Account and Explanation Debit Credit 2019 Ja ...

Paris Corporation provides travel planning services for large corporations across the world. On January 23, 2019, Paris

Question:

Paris provides travel planning services for large corporations across the world. On January 23, 2019, Paris repurchases 275,000 shares of its outstanding for $12 per share. On May 19, 2019, Paris sells 100,500 shares of treasury stock for $8 per share. On November 1, 2019, Paris sells 60,000 shares of its treasury stock for $27 per share.
Required:
1. Prepare the necessary journal entries to record these transactions.
2. How will these transactions affect Paris's 2019 income statement?
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...