Power Rangers Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2008,

Question:

Power Rangers has outstanding 20,000 shares of $5 common stock. On August 1, 2008, Power Rangers reacquired 200 shares at $75 per share. On November 1, Power Rangers reissued the 200 shares at $70 per share. Power Rangers had no previous treasury stock transactions. Prepare Power Rangers’ journal entries to record these transactions using the cost method.

Corporation
A 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,...