Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 130 shares of its $1 par common stock on June 30 for $43 per share. On July 20, it reissued 65 of these shares at $49 per share. On August 1, it reissued 29 of the shares at $41 per share. What is the journal entry necessary to record the reissuance of treasury stock on August 1 using the cost method?
Prior to June 30, a company has never had any treasury stock transactions. A company repurchased 130 shares of its $1 par common stock on June 30 for $43 per share. On July 20, it reissued 65 of these shares at $49 per share. On August 1, it reissued 29 of the shares at $41 per share. What is the journal entry necessary to record the reissuance of treasury stock on August 1 using the cost method?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Prior to June 30, a company has never
had any treasury stock transactions. A
company repurchased 130 shares of its
$1 par common stock on June 30 for
$43 per share. On July 20, it reissued
65 of these shares at $49 per share. On
August 1, it reissued 29 of the shares at
$41 per share. What is the journal entry
necessary to record the reissuance of
treasury stock on August 1 using the
cost method?
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