Question

2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event,...

2.

Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1

Record the issuance of 58,000 shares of common stock with a par value $10 for a price of $12 per share.

2

Record the purchase of 1,800 shares of previously issued common stock for a price of $15 per share.

3

Record the re-issuance of 900 shares of treasury stock previously purchased for a price of $15 per share and sold for $18 per share.
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Answer #1

Journal entry :

Date accounts & expalantion debit credit
Cash (58000*12) 696000
Common Stock 580000
Paid in capital in excess of par value-Common Stock 116000
(To record issue common stock)
Treasury stock (1800*15) 27000
Cash 27000
(To record purchase treasury stock)
Cash (900*18) 16200
Treasury stock (900*15) 13500
Paid in capital from sale of treasury stock 2700
(TO record sale of treasury stock)
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