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Intermediate Accounting Volume 2
Wonder Ltd. has treasury stock transactions in 20X9 as follows:

Wonder Ltd. has treasury stock transactions in 20X9 as follows: At the end of 20X8, Wonder Ltd.

Question:

Wonder Ltd. has treasury stock transactions in 20X9 as follows:

At the end of 20X8, Wonder Ltd. had reported the following in shareholders equity:

Required:
1. Prepare journal entries for the treasury stock transactions.
2. Calculate the balances in the equity accounts, after the effects of the transactions in requirement 1.

Transcribed Image Text:

a. Feb. 27 b. March 15 c. April 30 d. May 16 e. Nov. 26 Purchased 140,000 common shares as treasury stock at $6.50 per share. Purchased 64,000 common shares as treasury stock for $5.50 per share. Reissued 100,000 shares of treasury stock for $4.25 per share. Purchased 54,000 common shares as treasury stock for $6.05 per share. Reissued 268,000 shares of treasury stock for $4 per share.

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Requirement 1 Requirement 2 27 February Treasury stock 140000 shar...View the full answer

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Intermediate Accounting Volume 2

ISBN: 9781260881240

8th Edition

Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel

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Question Posted: Apr 10, 2023 07:44 AM

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