.Kagel Corporation had 30,000 shares of $5 par value common stock issued and outstanding on December 31, 20x7. Each share was issued during 20x5 at $14 per share. Prepare entries in journal form without explanations for the following transactions occurring in 20x8: Jan.4 Purchased 5,000 shares of treasury stock for $16 per share. This is the first transaction involving its own stock ever engaged in by the company. 31 Sold 1,000 shares of treasury stock for $15 per share.Feb.20 Sold 1,000 shares of treasury stock for $18 per share.Mar.16 Sold 1,000 shares of treasury stock for $11 per share.Apr.5 Retired 2,000 shares of treasury stock.May8 Purchased 500 shares of treasury stock for $12 per share. 31 Retired the 500 shares of treasury stock purchased on May 8.

Introduction:- A journal entry is an act of recording or keeping track of any financial or…

Answered: Kagel Corporation had 30,000 shares of…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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.Kagel Corporation had 30,000 shares of $5 par value common stock issued and outstanding on December 31, 20x7. Each share was issued during 20x5 at $14 per share. Prepare entries in journal form without explanations for the following transactions occurring in 20x8:

Jan.	4	Purchased 5,000 shares of treasury stock for $16 per share. This is the first transaction involving its own stock ever engaged in by the company.
	31	Sold 1,000 shares of treasury stock for $15 per share.
Feb.	20	Sold 1,000 shares of treasury stock for $18 per share.
Mar.	16	Sold 1,000 shares of treasury stock for $11 per share.
Apr.	5	Retired 2,000 shares of treasury stock.
May	8	Purchased 500 shares of treasury stock for $12 per share.
	31	Retired the 500 shares of treasury stock purchased on May 8.

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