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Agler Corporation's balance sheet reported the following: Capital stock outstanding, 4,000 shares, par $30 per share $120,000 Paid-in capital in excess of par 82,900 Retained
Agler Corporation's balance sheet reported the following:
Capital stock outstanding, 4,000 shares, par $30 per share | $120,000 | |
Paid-in capital in excess of par | 82,900 | |
Retained earnings | 106,900 |
The following transactions occurred this year:
(a) | Purchased 210 shares of capital stock to be held as treasury stock, paying $62 per share. | |
(b) | Sold 140 of the shares of treasury stock at $66 per share. | |
(c) | Sold the remaining shares of treasury stock at $48 per share. |
Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.
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