On December 31, 2015, Raja Corporations' balance sheet reported the following:Stockholders' EquityCommon stock issued and outstanding, 10,000 shares, $5 par valuePaid-in capital in excess of par, common stockRetained earnings$50,000$350,000230,000$630,000Total Stockholders' EquityThe following transactions occurred during 2016:(a) Raja Corporation purchased 1,000 shares at $30 per share to be held as treasury stock.(b) Sold 600 shares of treasury stock for $37 per share(c) Sold the remaining shares of treasury stock at $28 per share.InstructionsPrepare the necessary journal entries for Raja Corporation to record the above transactions. Raja Corporation uses the cost method of accounting for treasury stock.AccountDebitCredit(a)(b)(c)

Name: On December 31, 2015, Raja Corporations' balance sheet reported the f
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Description: On December 31, 2015, Raja Corporations' balance sheet reported the following:Stockholders' EquityCommon stock issued and outstanding, 10,000 shares, $5 par valuePaid-in capital in excess of par, common stockRetained earnings$50,000$350,000230,000$6

The treasury stock are the own shares repurchased by the company from the market.

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December 31, 2015, Raja Corporations' balance sheet reported the following: Stockholders' Equity nmon stock issued and outstanding, 10,000 shares, $5 par value d-in capital in excess of par, common stock ained earnings al Stockholders' Equity $50,000 $350,000 230,000 $630,000 following transactions occurred during 2016: O Raja Corporation purchased 1,000 shares at $30 per share to O Sold 600 shares of treasury stock for $37 per share O Sold the remaining shares of treasury stock at $28 per share. held as treasury stock. ructions are the necessary journal entries for Raja Corporation to record the above transactions. Raja Corporation uses the cost method of accounting for treasury stock. Account Debit Credit

December 31, 2015, Raja Corporations' balance sheet reported the following: Stockholders' Equity nmon stock issued and outstanding, 10,000 shares, $5 par value d-in capital in excess of par, common stock ained earnings al Stockholders' Equity $50,000 $350,000 230,000 $630,000 following transactions occurred during 2016: O Raja Corporation purchased 1,000 shares at $30 per share to O Sold 600 shares of treasury stock for $37 per share O Sold the remaining shares of treasury stock at $28 per share. held as treasury stock. ructions are the necessary journal entries for Raja Corporation to record the above transactions. Raja Corporation uses the cost method of accounting for treasury stock. Account Debit Credit

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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