Concord Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,600 shares) $473,000 Retained Earnings 281,300 (a) Prepare entries in journal form to record the following transactions, which took place during 2021. (Credit account titles are automatically indented when 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.) (1) 300 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost method.) A $21 per share cash dividend was declared. (2) (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $102 per share. (5) 460 shares of outstanding stock were purchased at $105 per share. (6) 350 of the shares purchased in (5) above were resold at $97 per share.
Concord Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,600 shares) $473,000 Retained Earnings 281,300 (a) Prepare entries in journal form to record the following transactions, which took place during 2021. (Credit account titles are automatically indented when 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.) (1) 300 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost method.) A $21 per share cash dividend was declared. (2) (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $102 per share. (5) 460 shares of outstanding stock were purchased at $105 per share. (6) 350 of the shares purchased in (5) above were resold at $97 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Concord Company has the following stockholders' equity accounts at December 31, 2020.
Common Stock ($100 par value, authorized 8,600 shares)
$473,000
Retained Earnings
281,300
(a)
Prepare entries in journal form to record the following transactions, which took place during 2021. (Credit account titles are
automatically indented when 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.)
(1)
300 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost
method.)
A $21 per share cash dividend was declared.
(2)
(3)
The dividend declared in (2) above was paid.
(4)
The treasury shares purchased in (1) above were resold at $102 per share.
(5)
460 shares of outstanding stock were purchased at $105 per share.
(6)
350 of the shares purchased in (5) above were resold at $97 per share.
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