In 2017, Mordica Co. issued 310,000 of its 500,000 authorized shares of $10 par value common stock at $35 per share. In January, 2018, Mordica repurchased 22,000 shares at $28 per share. Assume these are the only stock transactions the company has ever had.

Exercise 135 In 2017, Mordica Co. issued 310,000 of its 500,000 authorized shares of $10 par value common stock at $35 per share. In January, 2018, Mordica repurchased 22,000 shares at $28 per share. Assume these are the only stock transactions the company has ever had. Your answer is partially correct. Try again. Prepare the journal entry to record the purchase of treasury stock by the cost method. (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 Debit Credit Stock 638000 Cash 638000 SHOW LIST OF ACCOUNTS Your answer is partially correct. Try again. 9,000 shares of treasury stock are reissued at $30 per share. Prepare the journal entry to record the reissuance by the cost method. (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 0 for the amounts.) Account Titles and Explanation Debit Credit sh Treasury Stock id-in Capital from Treasury Stock 310000 31 290000 Click if you would like to Show Work for this question: ORan Show Work