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(Solved) (Latest ver. Aug 2020) - Journal Entries and Treasury Stock Transactions

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A company reported the following stockholders' equity on January 1 of the current year:

Common stock, $10 par, 1,000,000 shares
authorized, 400,000 shares issued -------------------------$4,000,000
Paid- in capital in excess of par, common-------------------1,200,000
Retained earnings-----------------------------------------------1,600,000
Total stockholders' 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.

 







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