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2. (15 pts) Erie Company has 300,000 shares of authorized and issued common stock, $2 par. Additional paid in capital for these shares amounts
2. (15 pts) Erie Company has 300,000 shares of authorized and issued common stock, $2 par. Additional paid in capital for these shares amounts to $3,000,000. Record the following events: Dr. Cr. Mar 1, Purchased 15,000 shares of stock as treasury stock at $8 per share. Apr 1, Resold 1,000 shares of treasury stock into the market at $15 per share. May 1, Issued 1,000 treasury shares to employees at $7 per share, as part of an ESOP. That is, there is no compensation expense, as all employees could participate.
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