Stock Issuance and Treasury Stock Century, Ic., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for $20 cash per share, (2) purchased treasury s at $25 per share, and (3) sold some of the treasury shares: 1 Cash 500,000 BusinessCourse O Support - & Dashboard O Amane A Return to course 2 Treasury stock 100,000 Cash 100,000 3 Cash 81,000 Treasury stock 75,000 Paid-in capital from treasury stock 6,000 a. How many shares were originally issued? x shares b. What was the par value of the shares issued? x per share c. How many shares of treasury stock were acquired? 4,000 v shares d. How many shares of treasury stock were sold? 3,000 shares e. At what price per share was the treasury stock sold? x per share

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Stock Issuance and Treasury Stock
Century, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for $20 cash per share, (2) purchased treasury shares
at $25 per share, and (3) sold some of the treasury shares:
1 Cash
500,000
BusinessCourse
A Return to course
O Support
O Dashboard
O Amanda Keys
2 Treasury stock
100,000
Cash
100,000
3 Cash
81,000
Treasury stock
75,000
Paid-in capital from treasury stock
6,000
a. How many shares were originally issued?
x shares
b. What was the par value of the shares issued?
$
* per share
c. How many shares of treasury stock were acquired?
4,000
shares
d. How many shares of treasury stock were sold?
3,000
shares
e. At what price per share was the treasury stock sold?
$
X per share
Transcribed Image Text:Stock Issuance and Treasury Stock Century, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for $20 cash per share, (2) purchased treasury shares at $25 per share, and (3) sold some of the treasury shares: 1 Cash 500,000 BusinessCourse A Return to course O Support O Dashboard O Amanda Keys 2 Treasury stock 100,000 Cash 100,000 3 Cash 81,000 Treasury stock 75,000 Paid-in capital from treasury stock 6,000 a. How many shares were originally issued? x shares b. What was the par value of the shares issued? $ * per share c. How many shares of treasury stock were acquired? 4,000 shares d. How many shares of treasury stock were sold? 3,000 shares e. At what price per share was the treasury stock sold? $ X per share
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