On January 1, 2020, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000

Instructions

Prepare the journal entries for each of the situations above.

E13.7 (LO 2) On January 1, 2020, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Journalize treasury stock transactions.

Mar. 1 Purchased 50,000 shares for cash at $15 per share.

July 1 Sold 10,000 treasury shares for cash at $17 per share.

Sept. 1 Sold 8,000 treasury shares for cash at $14 per share.

Expert Solution

Date	Account	Debit	Credit
Mar 1	Treasury stock	750,000
	Cash		750,000
	(50,000*15)

July 1	Cash (10,000*17)	170,000
	Paid in capital in excess of par - Treasury stock		20,000
	Treasury stock (10,000*15)		150,000



Sep 1	Cash (8,000*14)	112,000
	Paid in capital in excess of par - Treasury stock	8,000
	Treasury stock (8,000*15)		120,000

ekkarill92 answered 2 years ago

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