Provide the necessary journal entries to record the following: a. Washington Corporation was granted a charter authorizing
Question:
a. Washington Corporation was granted a charter authorizing the issuance of 200,000 shares of $10 par-value common stock.
b. Washington issued 50,000 shares of common stock at $15 per share.
c. Washington reacquired 3,000 shares of its own stock at $19 per share, to be held in treasury.
d. Another 1,500 shares of stock were reacquired at $21 per share.
e. Of the shares reacquired in (c), 1,200 were reissued for $24 per share.
f. Of the shares reacquired in (d), all 1,500 were reissued for $16 per share.
g. Given the preceding transactions, what is the balance in the treasury stock account?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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...
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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