STW Company reflects the following balances in the shareholders' equity section as of July 1, 2019. Capital in common shares, issued and outstanding 20,000 shares, $10 par value $200,000 Contributed capital in excess of par value 20,000 Retained Earnings 120,000 STW led to carry out the following transactions when acquiring some of its own shares: a. He acquired 2,000 shares at $ 15 / share. b. It issued 1,200 of the 2,000 shares acquired at $ 17 / share. c.It issued 750 of the 2,000 shares acquired at $ 10 / share. d. It canceled the certificates of the remaining 50 shares. Prepare journal entries for transactions a through d above. Suppose they were done in chronological order and that the cost method is used to account for portfolio stocks.
STW Company reflects the following balances in the shareholders' equity section as of July 1, 2019.
Capital in common shares, issued and outstanding 20,000 shares, $10 par value $200,000
Contributed capital in excess of par value 20,000
STW led to carry out the following transactions when acquiring some of its own shares:
a. He acquired 2,000 shares at $ 15 / share.
b. It issued 1,200 of the 2,000 shares acquired at $ 17 / share.
c.It issued 750 of the 2,000 shares acquired at $ 10 / share.
d. It canceled the certificates of the remaining 50 shares.
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