In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 61,000 shares at $11.10. 17: Sold 11, 000 shares at $13.55. 17: Sold 16, 000 shares at $7.55. March May Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago. Required: Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 61,000 shares at $11.10. 17: Sold 11, 000 shares at $13.55. 17: Sold 16, 000 shares at $7.55. March May Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago. Required: Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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