Earles Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a
Question:
Earles Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a par value of $10 per share. A month later Earles resold 2,500 shares of the treasury stock for $35 per share.
Required
a. Record the two events in general journal format.
b. What is the balance of the treasury stock account after these transactions?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Question Posted: