Question
On April 2 a corporation purchased for cash 6,000 shares of its own $14 par common stock at $27 per share. It sold 4,000 of
On April 2 a corporation purchased for cash 6,000 shares of its own $14 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 2000 shares were sold on November 10 for $23 per share.
a.Journalize the entries to record the purchase (treasury stock is recorded at cost).
Apr. 2
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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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
