On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10, it sold 4,000 of the treasury shares at P14 per share. On July 5, it sold 2,000 shares at P16 per share. Required: Determine the number of shares issued and outstanding on: • Jan 1 Mar 31 Jum 30 Sep 30 b. Prepare the journal entries for the above transactions

On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10, it sold 4,000 of the treasury shares at P14 per share. On July 5, it sold 2,000 shares at P16 per share. Required: Determine the number of shares issued and outstanding on: • Jan 1 Mar 31 Jum 30 Sep 30 b. Prepare the journal entries for the above transactions

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 10MCQ

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