Pronghorn Corporation purchased from its stockholders 5,400 shares of its own previously issued stock for $275,400. It laterresold 2,160 shares for $54 per share, then 2,160 more shares for $49 per share, and finally 1,080 shares for $43 per share.Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before creditentries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationI(To record purchase from stockholders.)(To record sales of shares at $54 per share.)(To record sales of shares at $49 per share.)DebitCredit

Treasury stocks are repurchased shares of the company. These shares can be purchased by the firm…

Answered: Pronghorn Corporation purchased from…

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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Flint Corporation purchased 2,500 shares of its $10 par value common stock for $167,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,500 shares of treasury stock for cash at $75 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation eTextbook and Media Debit Credit
On January 3, Melrose Corporation purchased 1,800 shares of the company's $1 par value common stock as treasury stock, paying cash of $11 per share. On January 30, Melrose sold 1,450 shares of the treasury stock for cash of $12 per share. Journalize these transactions (Record debits first then credits Explanations will appear on the last line of the journal entry table.)
On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date > Account Titles and Explanation Debit Credit
On July 1, Flint Corporation purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 260 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
On July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 210 shares of the treasury stock for cash at $13 per share. Journalize the two treasury stock transactions. (List all debit entrles before credlt entrles. Record Journal entrles In the order presented in the problem. Credit account titles are automatically Indented when amount Is entered. Do not Indent manually.) Debit Credit Date Account Titles and Explanation
Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
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
Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 per share. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Monty Inc. issues 4,550 shares of $100 par value preferred stock for cash at $140 per share. Journalize the issuance of the preferred stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
First National Bank buys and sells securities. The company's fiscal year ends on December 31. The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 180,000 shares in Classic Computers common stock for $684,000 ($3.80 per share). December 28 Receives cash dividends of $4,800 from the Classic Computers shares. Required: How will each of these transactions affect the financial statements? bok nt Complete this question by entering your answers in the tabs below. December 20 December 28 Purchases 180,000 shares in Classic Computers common stock for $684,000 ($3.80 per share). How will this transaction affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Revenues & Common Stock Retained Earnings >

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