ABC Corporation had the following Balance Sheet: Paid-in-Capital: Common Stock (($4-par, 200,000 shares authorized, 150,000 shares issued and outstanding) …………………….$ 600,000 Paid-in Capital in excess of par……………………………… 375,000 Earned Capital: Retained Earnings……………………………………………. 365,000 Prepare journal entries to record the following transactions: a. Purchased 24,000 shares of its own stock for $168,000. b. Sold 4,000 shares of the Treasury stock for $9 per share.

ABC Corporation had the following Balance Sheet: Paid-in-Capital: Common Stock (($4-par, 200,000 shares authorized, 150,000 shares issued and outstanding) …………………….$ 600,000 Paid-in Capital in excess of par……………………………… 375,000 Earned Capital: Retained Earnings……………………………………………. 365,000 Prepare journal entries to record the following transactions: a. Purchased 24,000 shares of its own stock for $168,000. b. Sold 4,000 shares of the Treasury stock for $9 per share.

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 15.4CPP: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,...

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