Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock On August 1 2017 Sprinkly reacquired 200 shares at $80 per share. On November 1, Sprinkly reissued 200 shares at $70. Sprinkle had no previous treasury stock transactions. Prepare Sprinkle's November 1, Journal Entry Cash $14.000 Common Stock $14.000 Cash $14,000 Treasury Stock $14.000 O Cash $14.000 Loss on Sale of T/S $2.000 Treasury Stock $16.000 O Cash Retained Earnings $14.000 $2,000 Treasury Stock $16.000

Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock On August 1 2017 Sprinkly reacquired 200 shares at $80 per share. On November 1, Sprinkly reissued 200 shares at $70. Sprinkle had no previous treasury stock transactions. Prepare Sprinkle's November 1, Journal Entry Cash $14.000 Common Stock $14.000 Cash $14,000 Treasury Stock $14.000 O Cash $14.000 Loss on Sale of T/S $2.000 Treasury Stock $16.000 O Cash Retained Earnings $14.000 $2,000 Treasury Stock $16.000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter15: Shareholders’ Equity: Capital Contributions And Distributions

Section: Chapter Questions

Problem 12E

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