Harlee Inc. has 60,000 shares of $5 par common stock outstanding at the beginning of the year 2020. Prepare entries for the following transactions affecting stockholders equity. Assume Paid-in CapitalTreasury Stock has a zero beginning balance. a. January 15, 2020: Purchased common stock as treasury shares, 2,000 shares at $20 per share. b. June 15, 2020: Sold common treasury stock, 800 shares at $14 per share.

Preparing Entries for Treasury Stock Transactions Harlee Inc. has 60,000 shares of $5 par common stock outstanding at the beginning of the year 2020. Prepare entries for the following transactions affecting stockholders' equity. Assume Paid-in Capital Treasury Stock has a zero beginning balance a. January 15, 2020: Purchased common stock as treasury shares, 2,000 shares at $20 per share. b. June 15, 2020: Sold common treasury stock, 800 shares at $14 per share. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Jan 15, 2020 Treasury Stock 40,000 0 40,000 Cr. 0 Cash b. June 15, 2020: Sold common treasury stock, 800 shares at $14 per share. Cr. Dr. 11,200 0 Date Account Name June 15, 2020 Cash Pald-in Capital in Excess of Par-Common Stock Treasury Stock e 0 0 0 0