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A company has 10,000 shares of $10 par common stock outstanding a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted
A company has 10,000 shares of $10 par common stock outstanding a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. b. Sold 500 shares of treasury stock at $15. c. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4,000 shares of common stock for the remaining. d. Sold 500 shares of treasury stock at $11 Required: Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles
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