Question

Journal entries for treasury stock transactions. Prepare journal entries under the cost method to record the following treasury stock transactions of Melissa Corporation.
a. Purchases 10,000 shares of its own $5 par value common stock for $12 per share.
b. Issues 6,000 treasury shares upon the conversion of bonds with a carrying value of $72.000. Melissa Corporation records bond conversions using the carrying value method.
c Purchases 20,000 shares of its own $5 par value common stock for $15 per share.
d. Issues 24,000 treasury shares and 6,000 newly issued shares of common stock in the acquisition of land with a market value of $540,000.



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  • CreatedDecember 12, 2011
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