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223 a company 39 s only treasury stock transactions for the current year follow 1 1 4299665

 

223. A company's only treasury stock transactions for the current year follow: (1) 1,000 shares of its common stock were purchased on June 1 for $40,000; (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued the 500 remaining treasury shares at $38 per share.

1) Prepare the journal entries required to record these transactions.

2) Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its beginning-year balance is zero. 

224. On January 10, a corporation purchased 5,000 shares of its own common stock at $17.50 per share. On August 4, a total of 1,000 treasury shares were sold at $19.00 per share. These are the only treasury stock transactions ever made by the corporation. Prepare the journal entries required on January 10 and August 4. 

225. Record the following transactions of a company in general journal form:

(a) Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.

(b) Sold 2,000 shares of the stock reacquired under part (a) at $43 cash per share.

(c) Sold 3,000 shares of the stock reacquired under part (a) at $39 cash per share. 

 

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