Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Monty Corp. purchased from its stockholders 5,000 shares of its own previously issued stock for $260.000. It later resold 2.100 shares for $55 per share.
Monty Corp. purchased from its stockholders 5,000 shares of its own previously issued stock for $260.000. It later resold 2.100 shares for $55 per share. then 2,100 more shares for $50 per share, and finally 800 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 for the amounts. Debit Credit Account Titles and Explanation Treasury Stock 260000 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 (To record sales of shares at $50 per share.) Cash Paid-in Capital from Treasury Stock Retained Earnings Treasury Stock he r hede
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started