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Cheyenne Company had the following stockholders equity as of January 1, 2020. Common stock, $1 par value, 117,000 shares issued $117,000 Paid-in capital in excess
Cheyenne Company had the following stockholders equity as of January 1, 2020.
Common stock, $1 par value, 117,000 shares issued | $117,000 | |
Paid-in capital in excess of parcommon stock | 893,000 | |
Retained earnings | 398,000 | |
Total stockholders equity | $1,408,000 |
During 2020, the following transactions occurred.
Feb. 16 | Cheyenne repurchased 5,500 shares of treasury stock at a price of $16 per share. | |
Mar. 8 | 200 shares of treasury stock repurchased above were reissued at $17 per share. | |
Apr. 11 | 700 shares of treasury stock repurchased above were reissued at $13 per share. | |
May 8 | 1,900 shares of treasury stock repurchased above were reissued at $19 per share. |
Prepare the journal entries to record the treasury stock transactions in 2020, assuming Cheyenne uses the cost method.
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