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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 share,
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. 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. If no entry is required, select "No Entry" for the account titles and enter 0 fot the amounts.) Question 5 of 5 Paid-in Capital from Treasury Stock (To record sales of shares at $55 per share.) 15.83/20 Treasury Stock (To record sales of shares at $50 per share.) Cash Paid-in Capital from Iressury Stock (To record sale of shares at $44 per share.)
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