Chapter 12 - Basic Exercises eBook Show Me How Calculator 1. BE. 12-01. ALGO Entries for Treasury Stock 2. BE. 12-02. ALGO On May 27, Kick Off Inc. reacquired 75,000 shares of its common stock at $9 per share. On August 3, Kick Off sold 51,000 of the reacquired shares at $12 per share. On November 14, Kick Off sold the remaining shares at $7 per share. 3. BE. 12-03. ALGO 4. BE.12-04. ALGO Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash 5. BE. 12-05. ALGO Aug. 3 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock Feedback Check My Work Recall that when a company reacquires shares of its own common stock, it is known as treasury stock. Pay attention to how much the company paid to reacquire the shares versus how much the shares are being resold for by the corporation. Learning Objective 5