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Auxley, Inc. articles of incorporation authorized the issuance of 150,000 common shares.. Prior to the transactions, Huxley, Inc.'s shareholders' equity ncluded the following: Shareholders' Equity
Auxley, Inc. articles of incorporation authorized the issuance of 150,000 common shares.. Prior to the transactions, Huxley, Inc.'s shareholders' equity ncluded the following: Shareholders' Equity Common stock, $2 par $100,000 Paid-in capital-excess of par 200,000 Retained earings 210,000 Assuming that Huxley, Inc. retires shares it reacquires (restores their status to that of authorized but unissued shares record the appropriate journal entry for each of the following transactions: Write the journal entries for transactions a-c in the proper format and use the complete account name. (Paid in capital car be abbreviated PIC but you must indicate which PIC account) a. On January 7, Huxley, Inc. reacquired 10,000 shares at $5.00 per share. b. On August 23, Huxley, Inc, reacquired 20,000 at $7 per share. c. On Sept 25, Huxley sold 15,000 common shares at $10 per share
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