Current Attempt in ProgressYour answer is partially correct.Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock for $295,000. It laterresold 1,600 shares for $53 per share, then 1,600 more shares for $48 per share, and finally 2,700 shares for $42 per share.Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationTreasury StockCash(To record purchase from stockholders.)CashPaid-in Capital from Treasury StockTreasury Stock(To record sales of shares at $53 per share.)CashPaid-in Capital from Treasury StockTreasury Stock(To record sales of shares at $48 per share.)(To record sale of shares at $42 per share.)Debit2950008480076800Credit295000160083200160075200

When the shares are bought back from the existing shareholders they are referred to as treasury…

Answered: Sheridan Corporation purchased from its…

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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Tamarisk, Inc. has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. 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
On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 10 Debit Credit
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On June 1, Teal Mountain Inc. issues 3,000 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation June 1 Debit Credit
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On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit

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