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On January 1, 2019, the stockholders’ equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar.           1   Purchased 30,000 shares for cash at $22 per share. July            1   Sold 6,000 treasury shares for cash at $27 per share. Oct.           1   Sold 5,000 treasury shares for cash at $19 per share. Dec            1    Sold 3,000 treasury share for cash at $10 per share. Journalize the treasury stock transactions

On January 1, 2019, the stockholders’ equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar.           1   Purchased 30,000 shares for cash at $22 per share. July            1   Sold 6,000 treasury shares for cash at $27 per share. Oct.           1   Sold 5,000 treasury shares for cash at $19 per share. Dec            1    Sold 3,000 treasury share for cash at $10 per share. Journalize the treasury stock transactions

FINANCIAL ACCOUNTING
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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On January 1, 2019, the stockholders’ equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar.           1   Purchased 30,000 shares for cash at $22 per share.

July            1   Sold 6,000 treasury shares for cash at $27 per share.

Oct.           1   Sold 5,000 treasury shares for cash at $19 per share.

Dec            1    Sold 3,000 treasury share for cash at $10 per share.

Journalize the treasury stock transactions

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