Question
RiverbedCompany had the following stockholders equity as of January 1, 2017. Common stock, $5par value,20,200shares issued $101,000 Paid-in capital in excess of parcommon stock 303
RiverbedCompany had the following stockholders equity as of January 1, 2017.
Common stock, $5par value,20,200shares issued $101,000
Paid-in capital in excess of parcommon stock 303 000
Retained earnings 319,000
Total stockholders equity $723,000
During 2017, the following transactions occurred.
Feb. 1 Riverbed repurchased2,060shares of treasury stock at a price of $18per share.
Mar. 1 720shares of treasury stock repurchased above were reissued at $16per share.
Mar. 18 490shares of treasury stock repurchased above were reissued at $15per share.
Apr. 22 650shares of treasury stock repurchased above were reissued at $20per share.
(a)
Prepare the journal entries to record the treasury stock transactions in 2017, assuming Riverbed uses the cost method.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started