Several years ago, Indirect Bookie Company issued 10,000 shares of $ 2 par value common stock for

Question:

Several years ago, Indirect Bookie Company issued 10,000 shares of $ 2 for $ 24 per share. Since that time, the Indirect Bookie entered into several treasury stock transactions. Assume additional paid- in capital from treasury stock transactions is zero.
Required
Record the following treasury stock transactions using the cost method.
a. Purchased 5,000 shares of common shares as treasury stock at $ 28.
b. Sold 2,000 shares of treasury stock for a total of $ 42,000.
c. Sold the remaining 3,000 shares of treasury stock for a total $ 90,000. 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... 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,...