Question
On April 2 a corporation purchased for cash 6,000 shares of its own $10 par common stock at $26 per share. It sold 4,000 of
On April 2 a corporation purchased for cash 6,000 shares of its own $10 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 2000 shares were sold on November 10 for $22 per share.
a.Journalize the entries to record the purchase (treasury stock is recorded at cost).
b.Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.
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Management Accounting
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
7th Edition
978-1760421144, 1760421146
