Question
Brief Exercise 10-43 Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 1,400 shares of its outstanding common stock for $9 per share.
Brief Exercise 10-43 Accounting for Treasury Stock
On August 19, 2019, Portland Corporation repurchases 1,400 shares of its outstanding common stock for $9 per share. On October 31, 2019, Portland sells 600 shares of treasury stock for $13 per share. Any additional sales of treasury stock during the year were sold for $4 per share. On December 31, 2019, Portland had no remaining treasury stock.
Required:
Prepare the necessary journal entries to record any transactions associated with treasury stock.
| 2019 Aug. 19 | Treasury Stock | ||
| Cash | |||
| Oct. 31 | Cash | ||
| Treasury Stock | |||
| Additional Paid-In Capital-Treasury Stock | |||
| Nov. 17 | Cash | ||
| Additional Paid-In Capital-Treasury Stock | |||
| Retained Earnings | |||
| Treasury Stock |
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Global Accounting Information Systems Ais For Developing Countries
Authors: Dr. Mawududur Rahman
1st Edition
1717133207, 978-1717133205
