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Recording Treasury Stock Transactions On January 2, 2020, Zeviae Corporation was authorized to issue 440,000 shares of $1 par value common stock. Zeviae issued 110,000
Recording Treasury Stock Transactions On January 2, 2020, Zeviae Corporation was authorized to issue 440,000 shares of $1 par value common stock. Zeviae issued 110,000 shares of common stock on January 8, 2020, at $10 per share. In addition, the company completed the following transactions in 2020. Mar. 30- Purchased 11,000 shares of common stock for the treasury at $12 per share. Apr. 20 - Purchased 11,000 shares of common stock for the treasury at 59 per share. Oct. 31 - Sold 17,600 shares of treasury stock at $11 per share. Required a. Record the entry on March 30, 2020, for the purchase of common shares for the treasury. b. Record the entry on April 20, 2020, for the purchase of common shares for the treasury c. Record the entry on October 31, 2020, for the sale of treasury shares at $11 per share. Assume a FIFO cost flow in accounting for the sale of treasury shares. d. Repeat part e but instead assume a weighted average cost flow in accounting for the sale of treasury shares. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Account Name a March 30, 2020 Date Dr. Cr. . 0 O 0 b. April 20, 2020 0 0 . 0 Oct 31, 2020 0 . OOOOOO d. Oct 31, 2020 . OOOOO
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