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Before Wildhorse Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its
Before Wildhorse Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $93,900 $292,500 $85,600 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Bought 380 shares of treasury stock at $41 per share. (b) Bought 310 shares of treasury stock at $46 per share. (c) Sold 370 shares of treasury stock at $43 per share. (d) Sold 100 shares of treasury stock at $39 per share. No. Account Titles and Explanation (a) Treasury Stock Cash (b) Treasury Stock Cash (c) Cash Treasury Stock Paid-in Capital from Treasury Stock (d) Cash Paid-in Capital from Treasury Stock Treasury Stock Debit 15580 14260 15910 3900 Credit 15580 14260 15170 740
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