Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock On August 1 2017 Sprinkly reacquired 200 shares at $80 per share. On November 1, Sprinkly reissued 200 shares at $70. Sprinkle had no previous treasury stock transactions. Prepare Sprinkle's November 1, Journal Entry Cash $14.000 Common Stock $14.000 Cash $14,000 Treasury Stock $14.000 O Cash $14.000 Loss on Sale of T/S $2.000 Treasury Stock $16.000 O Cash Retained Earnings $14.000 $2,000 Treasury Stock $16.000

Sprinkle Company has outstanding 20,000 shares of $5 parvalue common stock On August 1 2017 Sprinkly reacquired 200 shares at $80 per share. On November 1, Sprinkly reissued 200 shares at $70. Sprinkle had no previous treasury stock transactions. Prepare Sprinkle's November 1, Journal Entry Cash $14.000 Common Stock $14.000 Cash $14,000 Treasury Stock $14.000 O Cash $14.000 Loss on Sale of T/S $2.000 Treasury Stock $16.000 O Cash Retained Earnings $14.000 $2,000 Treasury Stock $16.000

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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