FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Subject: acounting 

Coronado Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1, 2025, Coronado reacquired 190 shares at $82 per share. On November 1, Coronado reissued the 140 shares at $71 per share. Coronado had no previous treasury stock transactions. Prepare Coronado's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date 3/1/25 11/1/25 Account Titles and Explanation Treasury Stock Cash Cash Retained Earnings Treasury Stock Debit 15580 9940 5640 Credit 15580 10 15580
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Transcribed Image Text:Coronado Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1, 2025, Coronado reacquired 190 shares at $82 per share. On November 1, Coronado reissued the 140 shares at $71 per share. Coronado had no previous treasury stock transactions. Prepare Coronado's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date 3/1/25 11/1/25 Account Titles and Explanation Treasury Stock Cash Cash Retained Earnings Treasury Stock Debit 15580 9940 5640 Credit 15580 10 15580
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