Question

During 2019, Globe Life Corporation had following transactions affecting stockholders' equity:

a.	Feb.	1		Repurchased 340 shares of the company's own common stock at $23 cash per share.
b.	Jul.	15		Sold 90 of the shares purchased on February 1 for $24 cash per share.
c.	Oct.	1		Sold 60 of the shares purchased on February 1 for $22 cash per share.

Required:

Prepare the journal entry required for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer 1

Feb.1	Treasury Stock		Dr	$ 7,820.00
		To Cash	Cr		$ 7,820.00
	Being 340 share repurchased @ $23
July.15	Cash		Dr	$ 2,160.00
		To Treasury Stock	Cr		$ 2,070.00
		To Paid in Capital	Cr		$      90.00
	Being Treasury Stock resold at higher price than what it paid to Purchase
Oct.01	Cash		Dr	$ 1,320.00
	Paid In Capital		Dr	$      60.00
		To Treasury Stock	Cr		$ 1,380.00
	Being Treasury Stock resold at lower price than what it paid to Purchase