Agler Corporation's balance sheet reported the following: Capital stock outstanding, 5,000 shares, par $30 per share.....................$150,000 Paid-in

Question:

Agler Corporation's reported the following:
Capital stock outstanding, 5,000 shares, par $30 per share.....................$150,000
Paid-in capital in excess of par.........................................................80,000
Retained earnings......................................................................100,000
The following transactions occurred this year:
(a) Purchased 200 shares of capital stock to be held as treasury stock, paying $60 per share.
(b) Sold 150 of the shares of treasury stock at $65 per share.
(c) Sold the remaining shares of treasury stock at $50 per share.
Instructions
Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...