Bramble Corp.'s balance sheet reported the following: Capital stock outstanding,8,500shares, par $30per share$255,000Paid-in capital in excess of
Question:
Bramble Corp.'s balance sheet reported the following:
Capital stock outstanding,8,500shares, par $30per share$255,000Paid-in capital in excess of par83,900Retained earnings108,500
The following transactions occurred this year:
(a)Purchased190shares of capital stock to be held as treasury stock, paying $56per share.
(b)Sold140of the shares of treasury stock at $61per share.
(c)Sold the remaining shares of treasury stock at $49per share.
Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.(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 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)