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On January 1, 2011, the stockholders equity section of Lopez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value
On January 1, 2011, the stockholders equity section of Lopez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 30,000 shares for cash at $15 per share. July 1 Sold 6,000 treasury shares for cash at $17 per share. Sept. 1 Sold 5,000 treasury shares for cash at $12 per share. Instructions (a) (9 points) Journalize the treasury stock transactions.
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