Massey Corp. has 10,000,000 common shares authorized and 8,000,000 shares issued and outstanding The company's shareholder equity
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Common Stock ......................................8,000,000
Additional Paid in Capital ....................260,000,000
Retained Earnings ................................725,000,000
On July 14th the company purchases 200,000 shares of Treasury stock for $9,600,000
On Oct 3 the company sells 50,000 or the Treasury shares for $1,950,000
On Dec 16th the company sells and additional 100,000 Treasury shares for 5,600,000
On Dec 28" the company decides to retire the remaining Treasury shares Make the appropriate journal entries for the above transactions:
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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