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 field.) View transaction list 1 Record purchase of 4,200 common shares as treasury stock at $4.10 per share. 2 Record sale of 750 shares of treasury stock at $5.60 per share. 3 4 Record purchase of 500 common shares of treasury stock at $2.52 per share. Record sale of 850 shares of treasury stock at $2.85 per share. 5 Record retirement of remaining shares. X per Credit >
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 field.) View transaction list 1 Record purchase of 4,200 common shares as treasury stock at $4.10 per share. 2 Record sale of 750 shares of treasury stock at $5.60 per share. 3 4 Record purchase of 500 common shares of treasury stock at $2.52 per share. Record sale of 850 shares of treasury stock at $2.85 per share. 5 Record retirement of remaining shares. X per Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me with answers and show calculations Thanku
Transcribed Image Text:y
ecord e
ary
ord el
No journal entry required
Cash
Common shares
Contributed capital from share retirement
Common shares
Contributed capital from share retirement
Contributed capital from treasury stock transactions
Retained earnings
Treasury stock
Account balances:
Common shares issued and outstanding
Contributed capital, treasury stock
Contributed capital, share retirement
Retained earnings
View genera
2. Calculate the resulting balance in each of the shareholders' equity accounts.
your final answers to the nearest whole dollar.)
Shares
View
Amount
Transcribed Image Text: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 field.)
View transaction list
1
2
3
4
Record purchase of 4,200 common shares as treasury
stock at $4.10 per share.
Record sale of 750 shares of treasury stock at $5.60 per
share.
Record purchase of 500 common shares of treasury stock
at $2.52 per share.
Record sale of 850 shares of treasury stock at $2.85 per
share.
5 Record retirement of remaining shares.
X
per
Credit
>
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