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Kathleen Corporation purchased from its stockholders 5,100 shares of its own previously issued stock for $260,100. It later resold 1,500 shares for $55 per share,
Kathleen Corporation purchased from its stockholders 5,100 shares of its own previously issued stock for $260,100. It later resold 1,500 shares for $55 per share, then 2,100 more shares for $50 per share, and finally 1,500 shares for $41 per share. 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.) Account Titles and Explanation Debit Credit Treasury Stock 260,100 Cash 260,100 (To record purchase of treasury stock.) Cash Treasury Stock Paid-in Capital from Treasu (To record sales of shares at $55 per share.) Cash To record sales of shares at $50 per share.)
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