Question
On January 1, 2017, the stockholdrs' equity section of Edwards Corporation shows common stock ($1 par value) $1,300,000; paid-in capital in excess of par $1,000,000;
On January 1, 2017, the stockholdrs' equity section of Edwards Corporation shows common stock ($1 par value) $1,300,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
June 1 Edwards Corporation purchased 40,000 shares of treasury stock at $20 per share.
June 5 Edwards Corporation sold 10,000 shares of treasury stock at $24 per share.
June 10 Edwards Corporation sold 8,000 shares of treasury stock at $12 per share.
June 15 Edwards Corporation had a net loss of $60,000 at the end of the year.
Instructions: Journalize the transactions
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Accounting Information System
Authors: James A. Hall
7th Edition
978-1439078570, 1439078572
