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Problem 15-6 Blossom Company has the following stockholders’ equity accounts at December 31, 2017. Common Stock...

Problem 15-6 Blossom Company has the following stockholders’ equity accounts at December 31, 2017. Common Stock ($100 par value, authorized 8,600 shares) $473,000 Retained Earnings 281,300 Prepare entries in journal form to record the following transactions, which took place during 2018. (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 0 for the amounts.)

(1) 300 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost method.)

(2) A $21 per share cash dividend was declared.

(3) The dividend declared in (2) above was paid.

(4) The treasury shares purchased in (1) above were resold at $102 per share.

(5) 460 shares of outstanding stock were purchased at $105 per share.

(6) 350 of the shares purchased in (5) above were resold at $97 per share.

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Answer #1

Journal entries

No General Journal Debit Credit
1 Treasury Stock (300*98) 29400
Cash 29400
2 Cash dividend (4730-300)*21 93030
Dividend payable 93030
3 Dividend payable 93030
Cash 93030
4 Cash (300*102) 30600
Treasury Stock 29400
Paid in Capital from sale of treasury Stock 1200
5 Treasury Stock (460*105) 48300
Cash 48300
6 Cash (350*97) 33950
Paid in Capital from sale of treasury Stock 1200
Retained earnings 1600
Treasury Stock (350*105) 36750
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