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Johnston, Inc., engaged in the following transactions involving treasury stock. Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $28
Johnston, Inc., engaged in the following transactions involving treasury stock. Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $28 per share. June 4 Reissued 6,000 shares of treasury stock at a price of $37 per share. Dec. 22 Reissued 4,000 shares of treasury stock at a price of $22 per share. a. Prepare general journal entries to record these transactions. b. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31. Complete this question by entering your answers in the tabs below. Required A Required B Prepare general journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View transaction list Journal entry worksheet Record purchase of treasury stock. Note: Enter debits before credits. General Journal Debit Credit Date Feb 10 Record entry Clear entry View general journal
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