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Problem 15-02 (Part Level Submission) Buffalo Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 19,900 shares issued
Problem 15-02 (Part Level Submission) Buffalo Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 19,900 shares issued Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity $99,500 300,000 315,000 $714,500 During 2020, the following transactions occurred. Feb. 1 Buffalo repurchased 2,170 shares of treasury stock at a price of $19 per share. 730 shares of treasury stock repurchased above were reissued at $17 per share. 520 shares of treasury stock repurchased above were reissued at $14 per share. 590 shares of treasury stock repurchased above were reissued at $22 per share. Mar. 18 Apr. 22 Tal (a) answer is correct. Prepare the journal entries to record the treasury stock transactions in 2020, assuming Buffalo 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 A Treasury Stock 230 Cash 41230 Mar. 1 Cash 12410 Retained Earnings 1460 APPAREL Treasury Stock 13870 Mar. 18 Cash 7280 Retained Earnings 2600 Treasury Stock 9880 Apr. 22 | Cash 12980 Treasury Stock 11210 Paid-in Capital from Tre 1770 Click if you would like to show Work for this question. Onan Show Work (b) Prepare the stockholders' equity section as of April 30, 2020. Net income for the first 4 months of 2020 was $128,400. (Enter account name only and do not provide descriptive information.) BUFFALO COMPANY Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work
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