Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started