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

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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