Wonder Ltd. has treasury stock transactions in 20X9 as follows:

At the end of 20X8, Wonder Ltd. had reported the following in shareholders equity:

Required:
1. Prepare journal entries for the treasury stock transactions.
2. Calculate the balances in the equity accounts, after the effects of the transactions in requirement 1.

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a. Feb. 27 b. March 15 c. April 30 d. May 16 e. Nov. 26 Purchased 140,000 common shares as treasury stock at $6.50 per share. Purchased 64,000 common shares as treasury stock for $5.50 per share. Reissued 100,000 shares of treasury stock for $4.25 per share. Purchased 54,000 common shares as treasury stock for $6.05 per share. Reissued 268,000 shares of treasury stock for $4 per share.