Question

# On January 1, 2015, the stockholders’ equity section of Martin Corporation shows: common stock (\$5 par...

1. On January 1, 2015, the stockholders’ equity section of Martin Corporation shows: common stock (\$5 par value) \$2,000,000; paid-in capital in excess of par value \$1,200,000; and retained earnings \$1,400,000. During the year, the following treasury stock transactions occurred.

Mar. 1    Purchased 60,000 shares for cash at \$18 per share.

July 1      Sold 15,000 treasury shares for cash at \$19 per share.

Sept. 1    Sold 10,000 treasury shares for cash at \$17 per share.

Instructions:

1. Journalize the treasury stock transactions.

--Requirement [a] Journal entries required

 Date Accounts title Debit Credit 01-Mar Treasury Stock (60000 shares x \$18) \$1,080,000 Cash \$1,080,000 (to record repurhcase) 01-Jul Cash (15000 shares x \$ 19) \$285,000 Treasury Stock (15000 shares x \$ 18) \$270,000 Paid in Capital from Treasury Stock \$15,000 (to record re issuance) 01-Sep Cash (10000 shares x \$ 17) \$170,000 Paid in Capital from Treasury Stock \$10,000 Treasury Stock (10000 shares x \$ 18) \$180,000 (to record re issuance)

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