Question
I need help with revising equity after treasury purchase Common stock-$10 par value, 76,000 shares authorized, issued, and outstanding $ 760,000 Paid-in capital in excess
I need help with revising equity after treasury purchase
Common stock-$10 par value, 76,000 shares authorized, issued, and outstanding $
760,000 Paid-in capital in excess of par value,
common stock 236,000
Retained earnings 896,000
Total stockholders' equity $ 1,892,000
1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 5,400 shares of its own common stock at $29 per share on October 11.
Sold 1,100 treasury shares on November 1 for $35 cash per share.
Sold all remaining treasury shares on November 25 for $24 cash per share.
2. Prepare the stockholders' equity section after the October 11 treasury stock purchase
You
27 minutes ago
Journal entries are as follows:
You
27 minutes ago
a. Treasury stock 156,600 Cash 156,600
b. Cash 38,500 Treasury stock 31,900 Paid-in capital, treasury stock 6,600 3
c. Cash 103,200 Paid-in capital, treasury stock 6,600 Retained earnings 14,900 Treasury stock 124,700
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