Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bridgeport Corporation purchased from its stockholders 4,300 shares of its own previously issued stock for $219,300. It later resold 1,720 shares for $54 per

image text in transcribed

Bridgeport Corporation purchased from its stockholders 4,300 shares of its own previously issued stock for $219,300. It later resold 1,720 shares for $54 per share, then 1,720 more shares for $49 per share, and finally 860 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Treasury Stock Cash (To record purchase from stockholders.) Cash Treasury Stock Pald-In Capital from Treasury Stock (To record sales of shares at $54 per share.) Cash Pald-In Capital from Treasury Stock Treasury Stock (To record sales of shares at $49 per share.) Cash Pald-In Capital from Treasury Stock Retained Earnings Treasury Stock (To record sale of shares at $43 per share.) Debit 219,300 Credit 219,300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Decision Making and Motivating Performance

Authors: Srikant M. Datar, Madhav V. Rajan

1st edition

132816245, 9780132816243, 978-0137024872

More Books

Students also viewed these Accounting questions

Question

600 lb 20 0.5 ft 30 30 5 ft

Answered: 1 week ago

Question

If youre paying a lot more, you may be the one whos being set up.

Answered: 1 week ago