Question

Feb. 1 Purchased 570 shares of the company’s own common stock at $37 cash per share;...

Feb. 1 Purchased 570 shares of the company’s own common stock at $37 cash per share; the stock is now held in treasury.
July 15 Issued 185 of the shares purchased on February 1 for $47 cash per share.
Sept. 1 Issued 145 more of the shares purchased on February 1 for $32 cash per share.
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Answer #1

Journal entry

Date account and explanation Debit credit
Feb 1 Treasury stock (570*37) 21090
Cash 21090
(To record purchase treasury stock)
July 15 Cash (185*47) 8695
Treasury stock 6845
paid in Capital from sale of treasury stock 1850
(To record sale of treasury stock)
Sep 1 Cash (145*32) 4640
Paid in capital from sale of treasury stock 725
Treasury stock 5365
(To record sale of treasury stock)
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