ABC Corporation presented the following information in its 2021 statement of financial position: Common Stock ($30 par value, 5,000 issued and outstanding) $150,000 Capital paid in excess of par value of common 80,000 Retained Earnings 100,000 Prepare journal entries for each of the following transactions that occurred during the year: 120 shares were purchased to be held as treasury shares at a cost of $50 per share. 90 of the shares held were sold at a price of $75 per share. The remaining shares in the portfolio were withdrawn (cancelled).
ABC Corporation presented the following information in its 2021 statement of financial position: Common Stock ($30 par value, 5,000 issued and outstanding) $150,000 Capital paid in excess of par value of common 80,000 Retained Earnings 100,000 Prepare journal entries for each of the following transactions that occurred during the year: 120 shares were purchased to be held as treasury shares at a cost of $50 per share. 90 of the shares held were sold at a price of $75 per share. The remaining shares in the portfolio were withdrawn (cancelled).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Corporation presented the following information in its 2021
Common Stock ($30 par value, 5,000 issued and outstanding)
$150,000 Capital paid in excess of par value of common 80,000
Prepare
- 120 shares were purchased to be held as treasury shares at a cost of $50 per share.
- 90 of the shares held were sold at a price of $75 per share.
- The remaining shares in the portfolio were withdrawn (cancelled).
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