Grant Corp. had an average paid in capital of $15 per share when it made the...
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Grant Corp. had an average paid in capital of $15 per share when it made the following treasury stock transactions. These were the first such transactions for Grant Corp.: September 1, 2020: Grant Corp. acquired 500 shares of its $10 par common stock at $25 per share. October 15, 2020: Grant Corp. reissued 100 shares at $35 per share. November 30, 2020: Grant Corp. reissued 100 shares at $22 per share Required: Calculate the amounts and prepare the journal entries to record the above transactions using: A.) The cost method. B.) The par value method. Grant Corp. had an average paid in capital of $15 per share when it made the following treasury stock transactions. These were the first such transactions for Grant Corp.: September 1, 2020: Grant Corp. acquired 500 shares of its $10 par common stock at $25 per share. October 15, 2020: Grant Corp. reissued 100 shares at $35 per share. November 30, 2020: Grant Corp. reissued 100 shares at $22 per share Required: Calculate the amounts and prepare the journal entries to record the above transactions using: A.) The cost method. B.) The par value method.
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Answer COST METHOD Notes for cost method Note 1 It is given that per share paid in capital 15 So additional paid in capital on common stock Paid in ca... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1439037805
9th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
Posted Date:
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