On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common...

On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $29 a share. It sold 4,000 of the treasury shares at $32 a share on June 10. The remaining 3,000 shares were sold on November 10 for $25 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 Treasury Stock Cash b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10

Expert Solution

Date	Accounts Titles & Explanations	Debit ($)	Credit ($)

2-Apr	Treasury Stock [7,000 x $29.00]	203,000
	Cash [7,000 x $29.00]		203,000

10-Jun	Cash [4,000 x $32.00]	128,000
	Treasury Stock [4,000 x $29.00]		116,000
	Paid-in-capital, Treasury stock [$128,000 - $116,000]		12,000

10-Nov	Cash [3,000 x $25.00]	75,000
	Paid-in-capital, Treasury stock [$87,000 - $75,000]	12,000
	Treasury Stock [3,000 x $29.00]		87,000

ekkarill92 answered 2 years ago

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