Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock for $204,000. It later resold 1,600 shares for $54 per share, then 1,600 more shares for $49 per share, and finally 800 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock Title DEBIT CREDIT Treasury Stock 204000 204000 Cash (To record purchase from stockholders.) Cash Treasury Stock (To record sales of shares at $54 per share.) (To record sales of shares at $49 per share.) (To record sales of shares at $43 per share.) III III IIII
Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock for $204,000. It later resold 1,600 shares for $54 per share, then 1,600 more shares for $49 per share, and finally 800 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock Title DEBIT CREDIT Treasury Stock 204000 204000 Cash (To record purchase from stockholders.) Cash Treasury Stock (To record sales of shares at $54 per share.) (To record sales of shares at $49 per share.) (To record sales of shares at $43 per share.) III III IIII
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Dexter Corporation purchased from its stockholders 4,000 shares of its own previously issued stock for $204,000. It
later resold 1,600 shares for $54 per share, then 1,600 more shares for $49 per share, and finally 800 shares for $43 per
share.
Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock
Title
DEBIT
CREDIT
Treasury Stock
204000
Cash
204000
(To record purchase from stockholders.)
Cash
Treasury Stock
(To record sales of shares at $54 per share.)
(To record sales of shares at $49 per share.)
(To record sales of shares at $43 per share.)
I
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