Grant Corp. had an average paid in capital of $15 per share when it made the...

 

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Grant Corp. had an average paid in capital of $15 per share when it made the following treasury stock transactions. These were the first such transactions for Grant Corp.: September 1, 2020: Grant Corp. acquired 500 shares of its $10 par common stock at $25 per share. October 15, 2020: Grant Corp. reissued 100 shares at $35 per share. November 30, 2020: Grant Corp. reissued 100 shares at $22 per share Required: Calculate the amounts and prepare the journal entries to record the above transactions using: A.) The cost method. B.) The par value method. Grant Corp. had an average paid in capital of $15 per share when it made the following treasury stock transactions. These were the first such transactions for Grant Corp.: September 1, 2020: Grant Corp. acquired 500 shares of its $10 par common stock at $25 per share. October 15, 2020: Grant Corp. reissued 100 shares at $35 per share. November 30, 2020: Grant Corp. reissued 100 shares at $22 per share Required: Calculate the amounts and prepare the journal entries to record the above transactions using: A.) The cost method. B.) The par value method.

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Answer COST METHOD Notes for cost method Note 1 It is given that per share paid in capital 15 So additional paid in capital on common stock Paid in ca... View the full answer