Kingbird Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2025, Kingbird reacquired 114 shares at $86 per share. On September 1, Kingbird reissued 61 shares at $90 per share. On November 1, Kingbird reissued 53 shares at $82 per share. Prepare Kingbird's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. 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. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date Debit 1000 Credit 0000
Kingbird Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2025, Kingbird reacquired 114 shares at $86 per share. On September 1, Kingbird reissued 61 shares at $90 per share. On November 1, Kingbird reissued 53 shares at $82 per share. Prepare Kingbird's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. 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. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Date Debit 1000 Credit 0000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dinesh
Transcribed Image Text:Kingbird Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2025, Kingbird reacquired 114 shares at
$86 per share. On September 1, Kingbird reissued 61 shares at $90 per share. On November 1, Kingbird reissued 53 shares at $82 per
share.
Prepare Kingbird's journal entries to record these transactions using the cost method. (List all debit entries before credit entries. 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. Record entries in the order displayed in the problem statement.)
Account Titles and Explanation
Debit
Date
DODE
Credit
11100
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