Prepare in journal form the entries necessary to record the following stock transactions of the KRS, Inc.
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- Prepare in journal form the entries necessary to record the following stock transactions of the KRS, Inc. during 2013.
June 1 Purchased 5,000 shares of its own $5 par value common stock for $15 per share, the current market price.
June 10 Sold 2,500 shares of treasury stock purchased on June 1 for $20 per share.
June 20 Sold 1,000 shares of treasury stock purchased on June 1 for $13 per share.
July 1 Retired the remaining shares. They originally sold for $8 a share.
- Prepare in journal form the entries necessary to record the following stock transactions of the Hamilton Corp. during 2013.
June 1 Purchased 10,000 shares of its own $8 par value common stock for $25 per share, the current market price.
June 10 Sold 5,000 shares of treasury stock purchased on June 1 for $28 per share.
June 20 Sold 3,000 shares of treasury stock purchased on June 1 for $20 per share.
July 1 Retired the remaining shares. They originally sold for $15 a share.
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