Rudder Co. is authorized to issue 10,000 shares of $5 par common stock and enters into...

 

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Rudder Co. is authorized to issue 10,000 shares of $5 par common stock and enters into the following stock (treasury stock) transactions. Required: A. Record the journal entry for each transaction. (1) Issuance of 6,000 shares of $5 par common stock for $25 per share: (2) Reacquisition of 1,000 shares of common stock at $15 per share: (3) Reissuance of 500 shares of treasury stock at $17 per share: (4) Reissuance of another 100 shares of treasury stock at $8 per share: B. What would the balance of the treasury stock account be after all transactions were recorded? (note both quantity of treasury stock as well as valuation) Rudder Co. is authorized to issue 10,000 shares of $5 par common stock and enters into the following stock (treasury stock) transactions. Required: A. Record the journal entry for each transaction. (1) Issuance of 6,000 shares of $5 par common stock for $25 per share: (2) Reacquisition of 1,000 shares of common stock at $15 per share: (3) Reissuance of 500 shares of treasury stock at $17 per share: (4) Reissuance of another 100 shares of treasury stock at $8 per share: B. What would the balance of the treasury stock account be after all transactions were recorded? (note both quantity of treasury stock as well as valuation)

Answer rating: 100% (QA)

A Journal entries 1 Issuance of 6000 shares of 5 par common sto... View the full answer