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Prepare the journal entries to record the treasury stock transactions in 2020, assuming Crane uses the cost method. (Credit account titles are automatically indented when
Prepare the journal entries to record the treasury stock transactions in 2020, assuming Crane uses the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Problem 15-02 (Part Level Submission) Crane Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 20,500 shares issued Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity $102,500 304,000 321,000 $727,500 During 2020, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18 Apr. 22 Crane repurchased 1,950 shares of treasury stock at a price of $18 per share. 720 shares of treasury stock repurchased above were reissued at $16 per share. 520 shares of treasury stock repurchased above were reissued at $14 per share. 580 shares of treasury stock repurchased above were reissued at $19 per shareStep by Step Solution
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