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On April 30, 2018, Darred Inc. had 430,000 outstanding common shares. Its balance sheet on April 30, 2018 shows a common stock balance of $752,500
On April 30, 2018, Darred Inc. had 430,000 outstanding common shares. Its balance sheet on April 30, 2018 shows a common stock balance of $752,500 and a paid-in capital, treasury stock balance of zero. The following are the only changes to Darred Inc.'s common stock that occured between April 30, 2018 and April 30, 2019 Do not enter dollar signs or commas in the input boxes. For transactions that have more than one debit or credit entry,_enter the accounts in alphabetical order a) On May 1, 2018, Darred Inc. paid $30,000 to reacquire 10,000 of its own common stock. Record the share reacquistion journal entry on May 1, 2018 Date Account Title and Explanation Debit Credit May 1 To record reacquiring of shares b) On September 1, 2018, Darred Inc. sold 3,500 shares of its treasury stock for $4 per share. Record the treasury stock re-issuance journal entry on September 1, 2018. Date Account Title and Explanation Debit Credit Sep 1 Sold treasury stock c) On April 30, 2019, Darred Inc. sold the remaining 6,500 shares of its treasury stock for $2 per share. Record the treasury stock re-issuance journal entry on April 30, 2019. Date Account Title and Explanation Debit Credit Apr 30 Sold treasury stock
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