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Coronado Inc. has outstanding 15,000 shares of $10 par value common stock. On July 1, 2017,...

Coronado Inc. has outstanding 15,000 shares of $10 par value common stock. On July 1, 2017, Coronado reacquired 108 shares at $87 per share. On September 1, Coronado reissued 63 shares at $91 per share. On November 1, Coronado reissued 45 shares at $84 per share. Prepare Coronado’s journal entries to record these transactions using the cost method.

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Answer #1
Date Accounts title Debit Credit
01-Jul-17 Treasury Stock $9,396 [108 shares x $ 87]
   Cash $9,396 [108 shares x $ 87]
(to re purchase stock)
01-Sep Cash $5,733 [63 shares x $ 91]
   Treasury Stock $5,481 [63 shares x $ 87]
   Paid in capital from treasury Stock $252 [63 shares x $ 4]
(to re issue the stock)
01-Nov Cash $3,780 [45 shares x $ 84]
   Paid in capital from treasury Stock $135 [45 shares x $ 3]
   Treasury Stock $3,915 [45 shares x $ 87]
(to re issue the stock)
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