Journal entries for treasury stock transactions. Prepare journal entries to record the following treasury stock transactions of
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Journal entries for treasury stock transactions. Prepare journal entries to record the following treasury stock transactions of Melissa Corporation.
a. Purchases 10,000 shares of \(\$ 5\)-par value common stock for \(\$ 12\) per share.
b. Issues 6,000 treasury shares upon the conversion of bonds with a book value of \(\$ 72,000\). Melissa Corporation records bond conversions using the book value method.
c. Purchases 20,000 shares of common stock for \(\$ 15\) per share.
d. Issues 24,000 treasury shares and 6,000 newly issued shares of common stock in the acquisition of land with a market value of \(\$ 540,000\).
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Related Book For
Financial Accounting An Introduction To Concepts Methods And Uses
ISBN: 9780324183511
10th Edition
Authors: Clyde P. Stickney, Roman L. Weil
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