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Please help me solve the one i got wrong which I highlighted in the screenshot. The one from September 1 Paid-in Capital from Treasury Stock.
Please help me solve the one i got wrong which I highlighted in the screenshot. The one from September 1 "Paid-in Capital from Treasury Stock". And please show me how you got the answer. Thank you so much.
Exercise 13-07 a-b On January 1, 2020, the stockholders' equity section of Flounder Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,010,000; and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 49,000 shares for cash at $15 per share. July 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 10,500 treasury shares for cash at $14 per share. Your answer is partially correct. Try again. Journalize the treasury stock transactions. (Aecord journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Stock 735,000 Cash 735,000 July 1 Cash 195,500 Treasury Stock 172,500 Paid-in Capital from Treasury Stock 23,000 Sept. 1 Cash 147,000 Paid-in Capital from Treasury Stock 10,500Step by Step Solution
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