EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions:Mar. 1Purchased 1,500 shares of its own common stock at $17 per share.Apr. 10Reissued 750 shares of its common stock held in the treasury for $21 per share.Jun. 12Reissued 750 shares of common stock at $15 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

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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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EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions:

Mar. 1	Purchased 1,500 shares of its own common stock at $17 per share.
Apr. 10	Reissued 750 shares of its common stock held in the treasury for $21 per share.
Jun. 12	Reissued 750 shares of common stock at $15 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

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