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Please help answer the Journal Entries 1 to 5 using the dropdown choices above and show your calculations. Appreciate! On 1 January 201, Grey Corp.
Please help answer the Journal Entries 1 to 5 using the dropdown choices above and show your calculations.
Appreciate!
On 1 January 201, Grey Corp. issued 386,000 no-par common shares at $4.55 per share. In 205, there were treasury stock transactions. On 15 January 205, the company purchased 4,200 of its own common shares at $4.10 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $5.60. On 15 March, 500 shares were purchased for $2.52. On 31 March, 850 of the treasury shares were sold for $2.85. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $973,500 prior to these transactions. Required: 1. Provide all 205 entries. (Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 Record purchase of 4,200 common shares as treasury stock at $4.10 per share. 2 Record sale of 750 shares of treasury stock at $5.60 per share. 3 Record purchase of 500 common shares of treasury stock at $2.52 per share. 4 Record sale of 850 shares of treasury stock at $2.85 per share. 5 Record retirement of remaining shares. 2. Calculate the resulting balance in each of the shareholders' equity accounts. your final answers to the nearest whole dollar.)Step by Step Solution
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