Question
Contrast Corp. was involved in the following transactions. Jan 1 Issued 10,000 shares of common stock, $1 par, for $21. Mar 1 Reacquired 4,000 shares
Contrast Corp. was involved in the following transactions.
Jan 1 Issued 10,000 shares of common stock, $1 par, for $21.
Mar 1 Reacquired 4,000 shares at $25.
July 1 Reissued 3,000 shares at $30.
Dec 1 Retired the remaining treasury stock shares.
REQUIRED: Prepare the required journal entries under both the par value and cost methods.
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
8th Edition
0030182689, 978-0030182686
