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On January 1 , 2 0 2 0 , the stockholders' equity section of Kingbird, Inc. shows common stock ( $ 6 par value )

On January 1,2020, the stockholders' equity section of Kingbird, Inc. shows common stock ( $6 par value) $1,800,000; paid-in capital
in excess of par $1,080,000; and retained earnings $1,150,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 52,000 shares for cash at $15 per share.
July 1 Sold 11,500 treasury shares for cash at $17 per share.
Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.
(a)
Your answer is correct.
Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. 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 ofor the amounts.)
Account Titles and ExplanationOn january 1,2020, the stockholders equity section of Kingbird, Inc. shows common stock ($6 par value) $1,800,000; paid in capital in excess of par $1,080,000; and retained earnings of $1,150,000. During the year, the following treasury stock transactions occured.
March 1: Purchased 52,000 shares for cash at $15 per share
July 1: Sold 11,500 treasury shares for cash at $17 per share
September 1: sold 9500 treasury shares for cash at $14 per share.
Journalize the treasury stock transactions.
March 1:
Treasury Stock 780,000
Cash 780,000
July 1:
Cash 195,500
Treasury Stock 172,500(credit)
Paid-in Capital from Treasury Stock 23,000(credit)
Sept 1:
Cash 133,000
Paid in capital from treasury stock 9500(debited)
Treasury stock: 142,500(credited).
Restate the entry for September 1st, assuming the treasury shares were sold at 11 dollars per share. There are four accounts.
There are four accounts. This is what we have so far that is correct. Fill in the blanks.
Cash: 104,500(debit)
Paid in capital from treasury stock : _______
__________: _________
_________: ___________
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