ON JANUARY 1, VERMONT CORPORATION HAD 39,600 SHARES OF $10PAR VALUE COMMON STOCK ISSUED AND OUTSTANDING. ALL 39,600SHARES HAD BEEN ISSUED IN A PRIOR PERIOD AT $21 PER SHARE. ONFEBRUARY 1, VERMONT PURCHASED 1,020 SHARES OF TREASURYSTOCK FOR $28 PER SHARE AND LATER SOLD THE TREASURY SHARESFOR $19 PER SHARE ON MARCH 1. THE JOURNAL ENTRY TO RECORDTHE PURCHASE OF THE TREASURY SHARES ON FEBRUARY 1 WOULDINCLUDE A: A. CREDIT TO A GAIN ACCOUNT FOR $7,140 B. CREDIT TOTREASURY STOCK FOR $28,560 C. DEBIT TO TREASURY STOCK FOR$28,560 D. DEBIT TO A LOSS ACCOUNT FOR $7,140 NEED ENTRY INTABLE FORMAT WHICH STATEMENT BELOW REGARDING A SHAREREPURCHASE IS TRUE? A. THE COMPANY REPURCHASING SHARES ISNOT ENTITLED TO VOTE. B. REPURCHASING SHARES SHRINK ACOMPANY'S ASSETS AND EQUITY. C. A SHARE REPURCHASE GROWS ACOMPANY'S ASSETS AND EQUITY. D. REPURCHASING SHARESINCREASES RETAINED EARNINGS.

Journal Entry for Treasury Stock PurchaseTo record the purchase of 1,020 shares of treasury stock…

Answered: ON JANUARY 1, VERMONT CORPORATION HAD…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On January 1, Vermont Corporation had 36,300 shares of $9 par common stock issued and outstanding. All 36,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,000 shares of treasury stock for $27 per share and later sold the treasury shares for $21 per share on March 1. The entry to journalize the purchase of the treasury shares on February 1 would include a O a. debit to a loss account for $5,000. b. credit to Treasury Stock for $27,000. c. credit to a gain account for $5,000. d. debit to Treasury Stock for $27,000.
On January 1, Vermont Corporation had 49,400 shares of $11 par value common stock issued and outstanding. All 49,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 910 shares of treasury stock for $24 per share and later sold the treasury shares for $19 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a debit to a loss account for $1,820. credit to a gain account for $1,820. credit to Treasury Stock for $21,840. debit to Treasury Stock for $21,840. MacBook Pro
On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and outstanding. All 46,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,010 shares of treasury stock for $24 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a
On January 1, Vermont Corporation had 39,800 shares of $11 par value common stock issued and outstanding. All 39,800 shares had been issued in a prior period at $20 per share. On February 1, Vermont purchased 950 shares of treasury stock for $24 per share and later sold the treasury shares for $18 per share on March 1. The journal entry for the purchase of the treasury shares on February 1 would include a a.debit to a loss account for $3,800 b.credit to Treasury Stock for $22,800 c.credit to a gain account for $3,800 d.debit to Treasury Stock for $22,800
On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and outstanding. All 43,000 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,040 shares of treasury stock for $26 per share and later sold the treasury shares for $22 per share on March 1. The journal entry for the purchase of the treasury shares on February 1 would include a Oa. credit to a gain account for $5,200 Ob. debit to a loss account for $5,200 Oc. debit to Treasury Stock for $27,040 Od. credit to Treasury Stock for $27,040
7. On January 3, Russet Corporation purchased 2,250 shares of the company's $3 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Russet Corporation sold 1,400 shares of the treasury stock for cash of $14 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the purchase of the treasury stock. Date Jan. 3 Accounts and Explanation Debit Credit
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on january 1 , lime manufacturing corporation purchased 185000 shares of its own reviously issued $5 par common stock for $25 per share. On april 1, Lime Manufacturing sels 105000 of the treasury stock for $27 per share. On june 1, Lime Manufacturing sels 65000 of the treasury for $19 per share. Prepare journal entries for each date.
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 420 shares of the company’s own common stock at $22 cash per share; the stock is now held in treasury. July 15 Issued 110 of the shares purchased on February 1 for $32 cash per share. Sept. 1 Issued 70 more of the shares purchased on February 1 for $17 cash per share. Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What impact does the purchase of treasury stock have on dividends paid?
On May 3, Zirbal Corporation purchased 4,500 shares of its own stock for $31,500 cash. On November 4, Zirbal reissued 1,350 shares of this treasury stock for $10,800. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet
Hanson Co. issued 10,000 shares of its $5 par common stock for $15 a share. Assume the sale occurred after the initial issuance at incorporation. The entry to record the sale and related expenses would include a Group of answer choices a. credit to Additional Paid-in Capital on Common Stock for $81,500. b. credit to Organization Expense for $18,500. c. credit to Common Stock for $150,000 d. debit to Cash for $150,000.
On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $49,500 cash. On November 4, Zirbal reissued 1,450 shares of this treasury stock for $14,500. Prepare the May 3 and November 4 journal entries to record Zirbal’s purchase and reissuance of treasury stock.

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