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On August 10, 20X9, Steel Wool, Inc., reacquired 1,000 shares of its own $3 par value common stock at $28 per share. These shares were
On August 10, 20X9, Steel Wool, Inc., reacquired 1,000 shares of its own $3 par value common stock at $28 per share. These shares were not permanently retired. On November 3, 20X9, the company sold 600 of the treasury shares for $26 per share. On December 15, 20X9, the company sold the remaining 400 shares for $32 per share. Prepare journal entries for Steel Wool, Inc., for August 10, November 3, and December 15.
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