Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with figuring out the info in red Wildhorse Co. purchased from its stockcholders 5,300 shares of its own previously issued stock for

image text in transcribed I need help with figuring out the info in red

Wildhorse Co. purchased from its stockcholders 5,300 shares of its own previously issued stock for $275,600. It later resold 1.900 sharas for $55 per share, then 1,900 more shares for $50 per shara, and finally 1,500 shares for $44 per Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Treasury Stock Debit 275600 Cash 275600 (To record purchase from stockholders.) 104500 Treasury Stock 98800 Paid-in Capital from Treasury Stock 5700 (To record sales of shares at $55 per share.) 95000 Paid-in Capital from Treasury Stock 3800 Treasury Stock 98800 (To record sales of shares at S50 per share.) 66000 Paid-in Capital from Treasury Stock 1500 Retained Earnings 31300 Treasury Stock 98800 (To record sale of shares at $44 per share.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions