Stockholders' Equity

Paid-in capital:

Common stock, $1 par, 750,000 shares authorized,

60,000 shares issued and outstanding $60,000

Paid-in capital in excess of par 180,000

Total paid-in capital 240,000

Retained earnings 500,000

Total stockholders' equity $740,000

On December

27 Mid AmericaMid America, Inc., purchased 5 comma 0005,000 shares of treasury stock at $55 per share.

Requirement 1. Journalize the purchase of the treasury stock. (Record debits first, then credits. Exclude explanations from any journal entries.)

Journal Entry
Date		Accounts	Debit	Credit
Dec	31