Propst-Steele Production Corporation's accounting records provide the following information: 1. Issued 5,000 shares of no-par common stock

Question:

Propst-Steele Production Corporation's accounting records provide the following information:

1. Issued 5,000 shares of no-par common stock at $15 per share.

2. Issued an additional 5,000 shares of no-par common stock at $17 per share.

3. Reacquired 500 shares of its no-par common stock at a cost of $12.50 per share.

4. Reissued 200 of its treasury shares at $14 per share.

5. Reissued the remaining treasury shares at $11 per share.

Required:

Prepare journal entries to account for the preceding stock transactions of Propst-Steele Production, assuming it uses the cost method for treasury stock

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...