Question
Angler Corporation's balance sheet reported the following: Capital stock outstanding, 5,000 shares, par $30 per share $150,000 Paid-in capital in excess of par 80,000 Retained
Angler Corporation's balance sheet reported the following:
Capital stock outstanding, 5,000 shares, par $30 per share $150,000
Paid-in capital in excess of par 80,000
Retained earnings 100,000
The following transactions occurred this year:
(a) Purchased 400 shares of capital stock to be held as treasury stock, paying $60 per share.
(b) Sold 300 of the shares of treasury stock at $65 per share.
(c) Sold the remaining shares of treasury stock at $50 per share.
What is the journal entry for transaction (a)?
Debit: Treasury Stock $24,000 Credit: Cash $24,000 | ||
Debit: Common Stock $12,000 Debit: Treasury Stock $12,000 Credit: Cash $24,000 | ||
Debit: Common Stock $24,000 Credit: Cash $24,000 | ||
Debit: Cash $24,000 Credit: Treasury Stock $24,000 |
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