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Metlock, Inc. purchased from its stockholders 5,500 shares of its own previously issued stock for $286,000. it later resold 1,800 shares for $55 per
Metlock, Inc. purchased from its stockholders 5,500 shares of its own previously issued stock for $286,000. it later resold 1,800 shares for $55 per share, then 1.800 more shares for $50 per share, and finally 1,900 shares for $44 per share titles are Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Cred automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for account titles and enter D for the amounts) Account Titles and Explanation Treasury Stock Cash (To record purchase from stockholders.) Cash Treasury Stock Paid-in Capital from Treasury Stock (To record sales of shares at $55 per share) Cash Paid-in Capital from Treasury Stock Treasury Stock Debit Credit 286.000 99.000 90000 3.600 206.000 93,400 5400 93,500
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