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On January 2,2020 , Zeviae Corporation was authorized to issue 200,000 shares of $1 par value common stock. Zeviae issued 50,000 shares of common stock
On January 2,2020 , Zeviae Corporation was authorized to issue 200,000 shares of \$1 par value common stock. Zeviae issued 50,000 shares of common stock on January 8,2020 , at $10 per share. In addition, the company completed the following transactions in 2020 . Mar. 30 - Purchased 5,000 shares of common stock for the treasury at $12 per share. Apr. 20 - Purchased 5,000 shares of common stock for the treasury at $9 per share. Oct. 31 - Sold 8,000 shares of treasury stock at $11 per share. Required a. Record the entry on March 30, 2020, for the purchase of common shares for the treasury. b. Record the entry on April 20, 2020, for the purchase of common shares for the treasury. c. Record the entry on October 31,2020 , for the sale of treasury shares at $11 per share. Assume a FIFO cost flow in accounting for the sale of treasury shares. d. Repeat part c but instead assume a weighted average st flow in accounting for the sale of treasury shares
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