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a. In 2018, Southwestern Corporation completed the transactions listed below. Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months
a. In 2018, Southwestern Corporation completed the transactions listed below. Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.
February 2: | Reacquired 70,000 shares at $12 as treasury stock |
March 17: | sod 60,000 treasury shares at $9 |
May 17: | Sold 25,000 treasury shares at $8. |
Required: Prepare the journal entries to record the above transactions, using the cost method.
b. In 2018, Western Corporation completed the transactions listed below. Western had issued 200,000 shares of its $1 par common stock for $10 several months ago.
February 21: | Reacquired 70,000 shares at $12 to retire them. |
March 19; | Reacquired 60,000 shares at $9 to retire them |
May 17: | Sold 25,000 new shares at $8. |
Required: Prepare the journal entries to record the above transactions, using the cost method
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