Treasury Stock Homework Problems

Prepare in journal form the entries necessary to record the following stock transactions of the Franklin Services, Inc. during $202$X$.$

June $1$ Purchased $2,000$ shares of its own $$15$ par value common stock for $$35$ per share, the current market price.

June $10$ Sold $500$ shares of treasury stock purchased on June $1$ for $$40$ per share.

June $20$ Sold $700$ shares of treasury stock purchased on June $1$ for $$29$ per share.

$2.$ Prepare in journal form the entries necessary to record the following stock transactions of the KRS$,$ Inc. during $202$X$.$

June $1$ Purchased $5,000$ shares of its own $$5$ par value common stock for $$15$ per share, the current market price.

June $10$ Sold $2,500$ shares of treasury stock purchased on June $1$ for $$20$ per share.

June $20$ Sold $1,000$ shares of treasury stock purchased on June $1$ for $$13$ per share.

July $1$ Retired the remaining shares. They originally sold for $$8$ a share.

$3.$ Prepare in journal form the entries necessary to record the following stock transactions of the Hamilton Corp. during $202$X$.$

June $1$ Purchased $10,000$ shares of its own $$6$ par value common stock for $$20$ per share, the current market price.

June $10$ Sold $5,000$ shares of treasury stock purchased on June $1$ for $$25$ per share.

June $20$ Sold $3,000$ shares of treasury stock purchased on June $1$ for $$18$ per share.

July $1$ Retired the remaining shares. They originally sold for $$10$ a share.