Before Metlock Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock $108,500 a. b. C. Common Stock Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) d. $266,400 Retained Earnings Bought 400 shares of treasury stock at $40 per share. Bought 290 shares of treasury stock at $45 per share. Sold 350 shares of treasury stock at $42 per share. Sold 120 shares of treasury stock at $38 per share. $76,300
Before Metlock Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock $108,500 a. b. C. Common Stock Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) d. $266,400 Retained Earnings Bought 400 shares of treasury stock at $40 per share. Bought 290 shares of treasury stock at $45 per share. Sold 350 shares of treasury stock at $42 per share. Sold 120 shares of treasury stock at $38 per share. $76,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Before Metlock Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the
following account balances (par value of its stock is $30 per share).
Paid-in Capital in Excess of Par-Common Stock
$108,500
a.
b.
C.
Common Stock
Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for
purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
d.
$266,400
Retained Earnings
Bought 400 shares of treasury stock at $40 per sh
Bought 290 shares of treasury stock at $45 per share.
Sold 350 shares of treasury stock at $42 per share.
Sold 120 shares of treasury stock at $38 per share.
$76,300
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