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21 May 2020
A company reported the following stockholder's equity on January 1 of the current year:
Common stock, $10 par, 1,000,000 shares authorized, 400,000shares issued
$4,000,000
Paid-in capital in excess of par, common
1,200,000
Retained earnings
1,600,000
Total stockholdersâ equity
$6,800,000
Prepare journal entries for the following selected transactions related to this company's stock during the current year:
Mar. 1
Purchased 10,000 shares of treasury stock for $17 per share.
May 5
Sold 4,000 shares of treasury stock for $16 per share.
Oct. 12
Sold 2,000 shares of treasury stock for $18 per share.
A company reported the following stockholder's equity on January 1 of the current year:
Common stock, $10 par, 1,000,000 shares authorized, 400,000shares issued |
$4,000,000 |
Paid-in capital in excess of par, common |
1,200,000 |
Retained earnings |
1,600,000 |
Total stockholdersâ equity |
$6,800,000 |
Prepare journal entries for the following selected transactions related to this company's stock during the current year:
Mar. 1 |
Purchased 10,000 shares of treasury stock for $17 per share. |
May 5 |
Sold 4,000 shares of treasury stock for $16 per share. |
Oct. 12 |
Sold 2,000 shares of treasury stock for $18 per share. |
Keith LeannonLv2
21 May 2020
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