EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% 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 3,000 shares of its own common stock at $16 per share.Apr. 10Reissued 1,500 shares of its common stock held in the treasury for $20 per share.Jun. 12Reissued 1,500 shares of common stock at $14 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blankMar 1. Apr. 10 Jun. 12 EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% 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 3,000 shares of its own common stock at $16 per share.Apr. 10 Reissued 1,500 shares of its common stock held in the treasury for $20 per share.Jun. 12 Reissued 1,500 shares of common stock at $14 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Mar. 1Apr. 10Jun. 12

Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Answered: EllaJane Corporation was organized…

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 8% 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 3,000 shares of its own common stock at $16 per share.
Apr. 10	Reissued 1,500 shares of its common stock held in the treasury for $20 per share.
Jun. 12	Reissued 1,500 shares of common stock at $14 per share.

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

Mar 1.

Apr. 10


Jun. 12

EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% 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 3,000 shares of its own common stock at $16 per share.
Apr. 10 Reissued 1,500 shares of its common stock held in the treasury for $20 per share.
Jun. 12 Reissued 1,500 shares of common stock at $14 per share.
Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.
Mar. 1
Apr. 10
Jun. 12

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