FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Nylah Corporation's balance sheet reported the following:
Capital stock outstanding, 5,000 shares, par $30 per share
Paid-in capital in excess of par
Retained earnings
$150,000
80,000
100,000
The following transactions occurred this year:
(a) Purchased 80 shares of capital stock to be held as treasury stock, paying $60 per share.
(b) Sold 60 of the shares of treasury stock at $65 per share.
(c) Sold the remaining shares of treasury stock at $50 per share.
Instructions
Prepare the journal entries for these transactions under the cost method of accounting for treasury
stock.
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Transcribed Image Text:Nylah Corporation's balance sheet reported the following: Capital stock outstanding, 5,000 shares, par $30 per share Paid-in capital in excess of par Retained earnings $150,000 80,000 100,000 The following transactions occurred this year: (a) Purchased 80 shares of capital stock to be held as treasury stock, paying $60 per share. (b) Sold 60 of the shares of treasury stock at $65 per share. (c) Sold the remaining shares of treasury stock at $50 per share. Instructions Prepare the journal entries for these transactions under the cost method of accounting for treasury stock.
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