At December 31, 2020, the balance sheet of J.R. International included the following shareholders' equity accounts:Shareholders' EquityCommon stock, 60 million shares, $1 parPaid-in capital-excess of parRetained earnings($ in millions)$80$250$390.R. views its share buybacks as treasury stock and uses the FIFO method to account for the cost of treasury shares.Record the journal entries for each of the following transactions:On January 15, 2021, J.R. purchased 12,000 common shares at $17 per share.On July 20, 2021, J.R. reissued 5,000 common shares at $19 per share.On October 31, 2021, J.R. sold the remaining 7,000 treasury shares at $12 per share.the toolbar press ALTF10 (PC) or ALTNF10MacBIVSParagraphAral10pt

Date Account Titles and Explanation Debit Credit Jan'15 Treasury Stock (12,000 shares X $ 17 per…

At December 31, 2020, the balance sheet of J.R. International included the following shareholders' equity accounts Shareholders' Equity Common stock, 60 million shares, $1 par Paid-in capital-excess of par Retained earnings (S in millions) $80 $250 $390 R. views its share buybacks as treasury stock and uses the FIFO method to account for the cost of treasury shares ecord the journal entries for each of the following transactions: On January 15, 2021, J.R. purchased 12,000 common shares at $17 per share. On July 20, 2021, J.R. reissued 5,000 common shares at $19 per share. On October 31, 2021, J.R. sold the remaining 7,000 treasury shares at $12 per share. the toolbar pres ALT P or ALTNF10NMad

At December 31, 2020, the balance sheet of J.R. International included the following shareholders' equity accounts Shareholders' Equity Common stock, 60 million shares, $1 par Paid-in capital-excess of par Retained earnings (S in millions) $80 $250 $390 R. views its share buybacks as treasury stock and uses the FIFO method to account for the cost of treasury shares ecord the journal entries for each of the following transactions: On January 15, 2021, J.R. purchased 12,000 common shares at $17 per share. On July 20, 2021, J.R. reissued 5,000 common shares at $19 per share. On October 31, 2021, J.R. sold the remaining 7,000 treasury shares at $12 per share. the toolbar pres ALT P or ALTNF10NMad

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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