Cornerstone Exercise $10-28($Algorithmic$)$

Accounting for Treasury Stock

On February $1,2019,$ Wild Bill Corporation repurchases $890$ shares of its outstanding common stock for $$9$ per share. On March $1,2019,$ Wild Bill sells $300$ shares of treasury stock for $$12$ per share. On May $10,2019,$ Wild Bill sells the remaining $590$ shares of its treasury stock for $$6$ per share.

Required:

Prepare the journal entries to record these transactions.

$2019$ Feb. $1$

$$

$($Record purchase of treasury shares$)$

Mar. $1$

$q,$

$$

$$

$$

$$

$$

$$

$$

$($Record reissue of treasury shares$)$

May $10$

$$

$($Record reissue of treasury shares$)$