On January 1, 2020, the stockholders’ equity section of Culver Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,160,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. July 1 Sold 10,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share. 1. Journalize the treasury stock transactions
On January 1, 2020, the stockholders’ equity section of Culver Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,160,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. July 1 Sold 10,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share. 1. Journalize the treasury stock transactions
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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On January 1, 2020, the
Mar. | 1 | Purchased 47,000 shares for cash at $15 per share. | |
July | 1 | Sold 10,500 treasury shares for cash at $17 per share. | |
Sept. | 1 | Sold 9,000 treasury shares for cash at $14 per share. |
1. Journalize the treasury stock transactions
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