On January 1, 2019, the stockholders' equity section of Smiley Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $ 1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
Mar.1 Purchased 30,000 shares for cash at $20 per share.
July.1 Sold 6,000 treasury shares for cash at $27 per share.
Sept.1 Sold 5,000 treasury shares for cash at $9 per share.
Journalize the treasury stock transactions.
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
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