In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 74,000 shares at $12.40. March 17: Sold 24,000 shares at $14.20. May 17: Sold 29,000 shares at $8.20. 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 74,000 shares at $12.40. March 17: Sold 24,000 shares at $14.20. May 17: Sold 29,000 shares at $8.20. 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2021, Southwestern Corporation completed the
| February | 2: | Reacquired 74,000 shares at $12.40. | ||
| March | 17: | Sold 24,000 shares at $14.20. | ||
| May | 17: | Sold 29,000 shares at $8.20. |
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
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