TR14-5 Treasury Stock (LO 14-5)At the end of 20X8, Minnow Reserves Corp. reported the following in shareholders equity: Preferred shares, no-par value; authorized, unlimited shares; issued, 65,000 shares$1,755,000 Common shares, no-par value; authorized, unlimited shares; issued, 1,350,000 shares, outstanding, 1,300,000 shares 2,700,000 Contributed capital on treasury stock transactions 26,000 Retained earnings 2,350,000 Treasury stock, 44,000 common shares (734,000) The company had treasury stock transactions in the following sequence during 20X9: Purchased 74,000 common shares as treasury stock at $14 per share.Reissued 50,000 treasury shares at $16 per share.Reissued 47,500 treasury shares at $7 per share.Required:1. Prepare journal entries for the treasury stock transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
TR14-5
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