Question
On January 1, 2017, McQueen Corporation is incorporated and authorized to issue 30,000 shares of $1 par value common stock. On 03/31/2017 McQueen issues 5,000
On January 1, 2017, McQueen Corporation is incorporated and authorized to issue 30,000 shares of $1 par value common stock. On 03/31/2017 McQueen issues 5,000 shares of common stock for $5 per share. On 10/01/2017, McQueen purchases 400 shares of common stock treasury stock at $8 per share. On 11/01/2017, McQueen sells 150 shares of treasury stock at $10 per share. What is the journal entry for the issuance of common stock on 03/31/2017? What is the journal entry for the purchase of treasury stock on 10/01/2017? What is the journal entry for the issuance of treasury stock on 11/01/2017?
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