On May 27, Let Loose Inc. reacquired 6,400 shares of its common stock at $45 per share. On August 3, Let Loose sold 3,200 of the reacquired shares at $48 per share. November 14, Let Loose sold the remaining shares at $44 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
Date | Account Titles and Explaination | Debit | Credit |
May-27 | Treasury stock (6,400 shares X $45) | $ 2,88,000 | |
Cash | $ 2,88,000 | ||
(Being 6,400 shares reacquired at $45 per share) | |||
Aug-03 | Cash (3,200 shares X $48) | $ 1,53,600 | |
Treasury stock (3,200 shares X $45) | $ 1,44,000 | ||
Paid-in capital from sale of Treasury stock [3,200 shares X ($48 - $45)] | $ 9,600 | ||
(Being 3,200 shares out of reacquired shares sold for $48) | |||
Nov-14 | Cash (3,200 shares X $44) | $ 1,40,800 | |
Paid-in capital from sale of Treasury stock [3,200 shares X ($45 - $44)] | $ 3,200 | ||
Treasury stock (3,200 shares X $45) | $ 1,44,000 |
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