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ABSC SAOG had the following transactions related to its common stock (OMR1 par value) during the...

ABSC SAOG had the following transactions related to its common stock (OMR1 par value) during the year ended December 31, 2018. Prepare the journal entries using the cost method. April 1: Purchased 2,000 shares for OMR10 per share. June 1: Sold 1,000 shares of treasury stock at OMR11 per share August 1: Sold an additional 400 shares of treasury stock at OMR 9 per share. December 1: Sold an additional 500 shares of treasury stock at OMR 8 per share.

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Answer #1
Date Account title Debit Credit
Apr-01 Treasury Stock (2,000*10)    20,000
Cash    20,000
Jun-01 Cash (1,000*11)    11,000
Treasury Stock (1,000*10)    10,000
Paid in capital from treasury stock      1,000
Aug-01 Cash (400*9)      3,600
Paid in capital from treasury stock          400
Treasury Stock (400*10)      4,000
Dec-01 Cash (500*8)      4,000
Paid in capital from treasury stock          600
Retained earnings          400
Treasury Stock (500*10)      5,000

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