Headland Company had the following stockholders' equity as of January 1, 2025: Common stock, $1 par value, 119,000 shares issued $119,000 Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity 768,000 391,000 $1,278,000 During 2025, the following transactions occurred: Mar. 8 Feb. 16 Headland repurchased 4,500 shares of treasury stock at a price of $16 per share. 200 shares of treasury stock repurchased above were reissued at $17 per share. 700 shares of treasury stock repurchased above were reissued at $13 per share. Apr. 11 May 8 2,200 shares of treasury stock repurchased above were reissued at $19 per share. repare the journal entries to record the treasury stock transactions in 2025, assuming Headland uses the cost method. (Credit ccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo he account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in th roblem)
Headland Company had the following stockholders' equity as of January 1, 2025: Common stock, $1 par value, 119,000 shares issued $119,000 Paid-in capital in excess of par-common stock Retained earnings Total stockholders' equity 768,000 391,000 $1,278,000 During 2025, the following transactions occurred: Mar. 8 Feb. 16 Headland repurchased 4,500 shares of treasury stock at a price of $16 per share. 200 shares of treasury stock repurchased above were reissued at $17 per share. 700 shares of treasury stock repurchased above were reissued at $13 per share. Apr. 11 May 8 2,200 shares of treasury stock repurchased above were reissued at $19 per share. repare the journal entries to record the treasury stock transactions in 2025, assuming Headland uses the cost method. (Credit ccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo he account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in th roblem)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Headland Company had the following stockholders' equity as of January 1, 2025:
Common stock, $1 par value, 119,000 shares issued
$119,000
Paid-in capital in excess of par-common stock
Retained earnings
768,000
391,000
Total stockholders' equity
$1,278,000
During 2025, the following transactions occurred:
Feb. 16
Mar. 8
Apr. 11
May 8
Headland repurchased 4,500 shares of treasury stock at a price of $16 per share.
200 shares of treasury stock repurchased above were reissued at $17 per share.
700 shares of treasury stock repurchased above were reissued at $13 per share.
2,200 shares of treasury stock repurchased above were reissued at $19 per share.
Prepare the journal entries to record the treasury stock transactions in 2025, assuming Headland uses the cost method. (Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the
problem.)
Date
Account Titles and Explanation
Feb. 16
Treasury Stock
Cash
Mar. 8
Cash
Retained Earnings
Treasury Stock
Apr. 11
Cash
May 8
Debit
72000
3400
9100
Retained Earnings
2100
Treasury Stock
Cash
Treasury Stock
Paid-in Capital from Treasury Stock
41800
Credit
72000
200
3200
11200
35200
6600
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