On 1 January 20X1, Grey Corp. Issued 386,000 no-par common shares at $4.55 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $4.10 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $5.60. On 15 March, 500 shares were purchased for $2.52. On 31 March, 850 of the treasury shares were sold for $2.85. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $973,500 prior to these transactions. Required: 1. Provide all 20X5 entries. (Do not round Intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.)
On 1 January 20X1, Grey Corp. Issued 386,000 no-par common shares at $4.55 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $4.10 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $5.60. On 15 March, 500 shares were purchased for $2.52. On 31 March, 850 of the treasury shares were sold for $2.85. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $973,500 prior to these transactions. Required: 1. Provide all 20X5 entries. (Do not round Intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 5MCQ
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