FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of S50 par value 6% preferred stock. It is also authorized to issue 1,750,000
shares of $1 par value common stock. In its fifth year, the corporation has the following transactions:
Mar. 1
Purchased 2,500 shares of its own common stock at $18 per share.
Apr. 10 Reissued 1,250 shares of its common stock held in the treasury for $22 per share.
Jun. 12 Reissued 1,250 shares of common stock at $16 per share.
Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.
Mar. 1
Treasury Stock
45,000 V
Cash
Apr. 10 Cash v
27,500 V
Treasury Stock /
Additional Paid-in Capital from Treasury Stock
Jun. 12 Cash /
20,000
Additional Paid-in Capital from Treasury Stock
Treasury Stock /
Y Check My Work
When buying and selling treasury shares, the price paid to acquire the shares becomes the 'cost basis' used when the shares are reissued later. If the shares are sold
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Check My Work
Previous
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Transcribed Image Text:engageNOWv2|Online teachir X ☆ 区 Paused /takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3&inprogress%=false E Calculator E Print Item EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of S50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,500 shares of its own common stock at $18 per share. Apr. 10 Reissued 1,250 shares of its common stock held in the treasury for $22 per share. Jun. 12 Reissued 1,250 shares of common stock at $16 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Treasury Stock 45,000 V Cash Apr. 10 Cash v 27,500 V Treasury Stock / Additional Paid-in Capital from Treasury Stock Jun. 12 Cash / 20,000 Additional Paid-in Capital from Treasury Stock Treasury Stock / Y Check My Work When buying and selling treasury shares, the price paid to acquire the shares becomes the 'cost basis' used when the shares are reissued later. If the shares are sold ****** 匡 L Check My Work Previous 000000 00
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