Blue Spruce Corporation has 740,000 shares outstanding. The shares have an average cost of $46 per share. On September 5, 2020, the company repurchases 1,600 of its own shares at $80 per share and does not cancel them. The shares are classified as treasury shares. On November 20, 2020, the company resells 1,300 of the treasury shares at $85 per share.

Prepare the journal entries for the repurchase and subsequent sale of the treasury shares.

Answer rating: 100% (QA)

To record the repurchase and subsequent sale of treasury shares the following journal entries should ... View the full answer