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I believe I am out of order on the oct 12 entry, and I also cannot figure out the debit amounts for the two additional
I believe I am out of order on the oct 12 entry, and I also cannot figure out the debit amounts for the two additional paid-in capital's. Please help
On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding. These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of $75 per share. During the year, the following stock transactions occurred: 1. March 3: Lorain reacquired 100 shares of its own common stock at a cost of $24 per share. 2. April 27: It sold 25 shares of the common stock acquired on March 3 for $33 per share. 3. July 10: It sold 25 shares of the common stock acquired on March 3 for $22 per share. 4. October 12: It retired the remaining shares acquired on March 3. Required: Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method. GENERAL JOURNAL Score: 140/149 ACCOUNT TITLE POST. REF. CREDIT DATE Mar. 3' Treasury Stock DEBIT 2,400.00 Cash 2,400.00 Apr. 27 Cash 825.00 600.00 225.00 Treasury Stock Additional Paid-in Capital from Treasury Stock Cash Additional Paid-in Capital from Treasury Stock Jul. 10 550.000 50.00 Treasury Stock 600.00 250.00 Oct. 12' Common Stock Additional Paid-in Capital from Treasury Stock Additional Paid-in Capital on Common Stock Treasury Stock 1,200.00Step by Step Solution
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