Question
Problem 15-05 Before Culver Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of
Problem 15-05
Before Culver Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share).
| Paid-in Capital in Excess of ParCommon Stock | Common Stock | Retained Earnings | ||
| $104,300 | $259,800 | $81,700 |
Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (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.)
| (a) | Bought 400 shares of treasury stock at $38 per share. | |
| (b) | Bought 300 shares of treasury stock at $45 per share. | |
| (c) | Sold 340 shares of treasury stock at $40 per share. | |
| (d) | Sold 100 shares of treasury stock at $36 per share. |
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
