On 1 January 20X1, Grey Corp. issued 379,000 no-par common shares at $4.20 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $3.40 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $4.90. On 15 March, 500 shares were purchased for $1.82. On 31 March, 850 of the treasury shares were sold for $2.15. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $966,500 prior to these transactions.

 Required: 1. Provide all 20X5 entries. (Round "per share" answer to two decimal places and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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View transaction list Record purchase of 4,200 common shares as treasury stock at $3.40 per share. 2 Record sale of 750 shares of treasury stock at $4.90 per share. Record purchase of 500 common shares of treasury stock at $1.82 per share. 3 Credit 4 Record sale of 850 shares of treasury stock at $2.15 per share. Record retirement of remaining shares. Note : = journal entry has been entered %D Record entry Clear entry View general journal :X: View transaction list Record purchase of 4,200 common shares as treasury stock at $3.40 per share. 2 Record sale of 750 shares of treasury stock at $4.90 per share. Record purchase of 500 common shares of treasury stock at $1.82 per share. 3 Credit 4 Record sale of 850 shares of treasury stock at $2.15 per share. Record retirement of remaining shares. Note : = journal entry has been entered %D Record entry Clear entry View general journal :X:

Answer rating: 100% (QA)

A B D 1 Date Accounts title and explanation Debit Credit 2 15Jan Treas... View the full answer