Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to record the following transactions: a. On July 1, 2020, Bonneau reacquired 2,000 shares of treasury stock at $15. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. b. On July 20, Bonneau reissued 300 shares of treasury stock at $20. c. On August 15, Bonneau reissued 500 shares of treasury stock at $11.
Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to record the following transactions: a. On July 1, 2020, Bonneau reacquired 2,000 shares of treasury stock at $15. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. b. On July 20, Bonneau reissued 300 shares of treasury stock at $20. c. On August 15, Bonneau reissued 500 shares of treasury stock at $11.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bonneau Company currently has 20,000 shares of $10 par common stock
outstanding. Prepare entries to record the following transactions:
a. On July 1, 2020, Bonneau reacquired 2,000 shares of
stock is accounted for by the cost method. There were no previous purchases of treasury shares.
b. On July 20, Bonneau reissued 300 shares of treasury stock at $20.
c. On August 15, Bonneau reissued 500 shares of treasury stock at $11.
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