On April 2, a corporation purchased for cash 6,000 shares of its own $14 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 2,000 shares were sold on November 10 for $23 per share. a. Journalize the entry for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank April 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 November 10

On April 2, a corporation purchased for cash 6,000 shares of its own $14 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 2,000 shares were sold on November 10 for $23 per share. a. Journalize the entry for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank April 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 November 10

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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