(1)A company issued 20,000 shares of $3 par common stock for cash for $60 per share. (2) A month later the company repurchased 1,000 shares at $25 per share. (3)Two months later 200 shares of the treasury stock was resold to the public for $30 per share (4)Later that year 400 shares of Treasury stock was resold to the public for $20 per share Retained earnings has $75,000 in it. Use T accounts to help you to understand what's going on but, Make the necessary journal entries.

(1)A company issued 20,000 shares of $3 par common stock for cash for $60 per share. (2) A month later the company repurchased 1,000 shares at $25 per share. (3)Two months later 200 shares of the treasury stock was resold to the public for $30 per share (4)Later that year 400 shares of Treasury stock was resold to the public for $20 per share Retained earnings has $75,000 in it. Use T accounts to help you to understand what's going on but, Make the necessary journal entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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