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On October 5 , Jones and Sons purchases 8,500 shares of its own $2 par common stock for $78.95/ share. On November 8 , Jones
On October 5 , Jones and Sons purchases 8,500 shares of its own $2 par common stock for $78.95/ share. On November 8 , Jones and Sons reissues 4,000 shares when the fair market value of its stock climbed to $87.15/ share. On December 11 , Jones and Sons reissues the remaining 4,500 shares when the fair market value of its shared dropped to $66.43/ share. What journal entry will Jones and Sons record on October 5 when it repurchases 8,500 of its shares? Dr. Treasury Shares $671,075 Cr. Cash $671,075 Dr. Treasury Shares $740,775 Cr. Cash $740,775 Dr. Treasury Shares $17,000 Cr. Cash $17,000 N/A; No journal entry is required Dr. Treasury Shares $564,655 Cr. Cash $564,655
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