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Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock

On February 1, 2019, Destiny Enterprise repurchases 930 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 270 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 660 shares of its treasury stock for $6 per share.

Required:

Prepare the journal entries to record these transactions.

2019 Feb. 1	Accounts PayableAdditional Paid-in-Capital - Treasury StockCashRetained EarningsTreasury StockTreasury Stock	Treasury Stock
	Accounts PayableAdditional Paid-In Capital - Treasury StockCashRetained EarningsTreasury StockCash		Cash
	(Record purchase of treasury shares)
Mar. 1	Accounts PayableAdditional Paid-In Capital - Treasury StockCashCommon StockTreasury StockCash	Cash	Cash
	Accounts PayableCashCommon StockPreferred StockTreasury StockTreasury Stock	Treasury Stock	Treasury Stock
	Accounts PayableAdditional Paid-In Capital - Common StockAdditional Paid-In Capital - Preferred StockAdditional Paid-In Capital - Treasury StockCashAdditional Paid-In Capital - Treasury Stock	Additional Paid-In Capital - Treasury Stock	Additional Paid-In Capital - Treasury Stock
	(Record reissue of treasury shares)
May 10	Accounts PayableAccounts ReceivableAdditional Paid-In Capital - Preferred StockCashTreasury StockCash	Cash	Cash
	Accounts ReceivableAdditional Paid-In Capital - Common StockAdditional Paid-In Capital - Preferred StockAdditional Paid-In Capital - Treasury StockTreasury StockAdditional Paid-In Capital - Treasury Stock	Additional Paid-In Capital - Treasury Stock	Additional Paid-In Capital - Treasury Stock
	Accounts ReceivableAdditional Paid-In Capital - Common StockNotes PayableRetained EarningsTreasury StockRetained Earnings	Retained Earnings	Retained Earnings
	Accounts ReceivableAdditional Paid-In Capital - Treasury StockCashRetained EarningsTreasury StockTreasury Stock	Treasury Stock	Treasury Stock
	(Record reissue of treasury shares)