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The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 430 shares of the companys own common stock at $23 cash per share; the
The following selected transactions occurred for Corner Corporation:
Feb. | 1 | Purchased 430 shares of the companys own common stock at $23 cash per share; the stock is now held in treasury. | |
July | 15 | Issued 115 of the shares purchased on February 1 for $33 cash per share. | |
Sept. | 1 | Issued 75 more of the shares purchased on February 1 for $18 cash per share. |
Journal Entries
1) Record the purchase of 430 shares of previously issued common stock for a price of $23 per share.
2) Record the re-issuance of 115 shares of treasury stock previously purchased for a price of $23 per share and sold for a price of $33 per share.
3) Record the re-issuance of 75 shares of treasury stock previously purchased for a price of $23 per share and sold for a price of $18 per share.
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