A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the...

 

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A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted for by the cost method. Treasury Stock v 12,000 V Cash v 12,000 V b. Sold 500 shares of treasury stock at $15. If an amount box does not require an entry, leave it blank or enter "0". Cash v 7,500 V Paid-In Capital from Sale of Treasury Stock 1,000 X Treasury Stock v 6,000 c. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4,000 shares of common stock for the remaining. If an amount box does not require an entry, leave it blank or enter "0". Equipment v 75,000 Cash v 25,000 Common Stock v Paid-In Capital in Excess of Par-Common Stock 50,000 d. Sold 500 shares of treasury stock at $11. If an amount box does not require an entry, leave it blank or enter "0". Cash v 5,500 V Paid-In Capital from Sale of Treasury Stock 500 Treasury Stock v 6,000 > > A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted for by the cost method. Treasury Stock v 12,000 V Cash v 12,000 V b. Sold 500 shares of treasury stock at $15. If an amount box does not require an entry, leave it blank or enter "0". Cash v 7,500 V Paid-In Capital from Sale of Treasury Stock 1,000 X Treasury Stock v 6,000 c. Purchased equipment for $75,000, paying $25,000 in cash and issuing 4,000 shares of common stock for the remaining. If an amount box does not require an entry, leave it blank or enter "0". Equipment v 75,000 Cash v 25,000 Common Stock v Paid-In Capital in Excess of Par-Common Stock 50,000 d. Sold 500 shares of treasury stock at $11. If an amount box does not require an entry, leave it blank or enter "0". Cash v 5,500 V Paid-In Capital from Sale of Treasury Stock 500 Treasury Stock v 6,000 > >

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b Number of treasury stock sold 500 Sale price of treasury s... View the full answer