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2. Prepare necessary entries in journal form to record the following stock transactions of Gopher Broke. (Omit explanations.) 2022 1 Purchased 4,000 shares of its own $30 par value common stock for $70 per Mar share, the current market price. Sold 1,000 shares of treasury stock purchased on June 1 for $80 per share 10 20 Sold 1,400 shares of treasury stock purchased on June 1 for $58 per share. 30 Retired the remaining shares purchased on June 1. The original issue price was $42 per share.

2. Prepare necessary entries in journal form to record the following stock transactions of Gopher Broke. (Omit explanations.) 2022 1 Purchased 4,000 shares of its own $30 par value common stock for $70 per Mar share, the current market price. Sold 1,000 shares of treasury stock purchased on June 1 for $80 per share 10 20 Sold 1,400 shares of treasury stock purchased on June 1 for $58 per share. 30 Retired the remaining shares purchased on June 1. The original issue price was $42 per share.

FINANCIAL ACCOUNTING
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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2. Prepare necessary entries in journal form to record the following stock transactions of Gopher Broke. (Omit explanations.) 2022 1 Purchased 4,000 shares of its own $30 par value common stock for $70 per Mar share, the current market price. 10 Sold 1,000 shares of treasury stock purchased on June 1 for $80 per share 20 Sold 1,400 shares of treasury stock purchased on June 1 for $58 per share. 30 Retired the remaining shares purchased on June 1. The original issue price was $42 per share.
Transcribed Image Text:2. Prepare necessary entries in journal form to record the following stock transactions of Gopher Broke. (Omit explanations.) 2022 1 Purchased 4,000 shares of its own $30 par value common stock for $70 per Mar share, the current market price. 10 Sold 1,000 shares of treasury stock purchased on June 1 for $80 per share 20 Sold 1,400 shares of treasury stock purchased on June 1 for $58 per share. 30 Retired the remaining shares purchased on June 1. The original issue price was $42 per share.
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