Question
On January 1, 2015, the stockholders equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,041,200;
On January 1, 2015, the stockholders equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,041,200; and retained earnings $1,175,900. During the year, the following treasury stock transactions occurred.
| Mar. | 1 | Purchased 49,000 shares for cash at $15 per share. | |
| July | 1 | Sold 11,400 treasury shares for cash at $17 per share. | |
| Sept. | 1 | Sold 9,860 treasury shares for cash at $14 per share. |
Journalize the treasury stock transactions.
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The Auditor Quo Vadis
Authors: Mervyn King, Linda De Beer
1st Edition
1138496774, 978-1138496774
