On January 23, 2019, Happy Construction repurchases 275,000 shares of its outstanding common stock for $12 per share. On May 19, 2019, Happy Construction sells 60,000 shares of its treasury stock for $27 per share. On November 1, 2019 Happy Construction sells100,500 shares of treasury stock for $8 per share. 1. Prepare the necessary journal entries for the above transactions.

On January 23, 2019, Happy Construction repurchases 275,000 shares of its outstanding common stock for $12 per share. On May 19, 2019, Happy Construction sells 60,000 shares of its treasury stock for $27 per share. On November 1, 2019 Happy Construction sells100,500 shares of treasury stock for $8 per share. 1. Prepare the necessary journal entries for the above transactions.

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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