Question
In: Accounting
On January 1, 2014 the stockholders equity section of Newlin Corporation shows common stock $4 par...
On January 1, 2014 the stockholders equity section of Newlin Corporation shows common stock $4 par value, $1,200,00; paid in capital in excess of par $1,016,200; and retained earnings $1,214,100. During the year the following treasury stock transactions occurred. March1 Purchased 51000 shares for cash at $15 per share. July 1 sold 11,500 treasury shares for cash at $17 per share. September 1 sold 9520 treasury shares for cash at $14 per share. Journalize the treasury stock transactions.
Solutions
Expert Solution
- All working forms part of the answer
|
Date |
Accounts title |
Debit |
Credit |
Working |
|
Mar-01 |
Treasury Stock |
$ 765,000.00 |
[51000 shares x $ 15] |
|
|
Cash |
$ 765,000.00 |
[51000 shares x $ 15] |
||
|
(Shares re-acquired) |
||||
|
Jul-01 |
Cash |
$ 195,500.00 |
[11500 shares x $ 17] |
|
|
Treasury Stock |
$ 172,500.00 |
[11500 shares x $ 15] |
||
|
Additional Paid in Capital - Treasury Stock |
$ 23,000.00 |
[11500 shares x $ 12] |
||
|
(Re acquired shares now re issued) |
||||
|
Sep-01 |
Cash |
$ 133,280.00 |
[9520 shares x $ 14] |
|
|
Additional Paid in Capital - Treasury Stock |
$ 9,520.00 |
[9520 shares x $ 1] |
||
|
Treasury Stock |
$ 142,800.00 |
[9520 shares x $ 15] |
||
|
(Re acquired shares now re issued) |
ekkarill92 answered 1 year agoRelated Solutions
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