On 1 January 20X1, Grey Corp. issued 382,000 no-par common shares at $4.35 per share. In...

Transcribed Image Text:

On 1 January 20X1, Grey Corp. issued 382,000 no-par common shares at $4.35 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $3.70 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $5.20. On 15 March, 500 shares were purchased for $2.12. On 31 March, 850 of the treasury shares were sold for $2.45. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $969,500 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.) D View transaction list 1 Record purchase of 4,200 common shares as treasury stock at $3.70 per share. 2 Record sale of 750 shares of treasury stock at $5.20 per share. 3 Record purchase of 500 common shares of treasury stock at $2.12 per share. 4 Record sale of 850 shares of treasury stock at $2.45 per share. 5 Record retirement of remaining shares. Note : = journal entry has been entered X per Credit > 2. Calculate the resulting balance in each of the shareholders' equity accounts. (Round "per share" answer to two decimal places and final answers to the nearest whole dollar.) Shares Amount Account balances: Common shares issued and outstanding Contributed capital, treasury stock Contributed capital, share retirement Retained earnings On 1 January 20X1, Grey Corp. issued 382,000 no-par common shares at $4.35 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $3.70 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $5.20. On 15 March, 500 shares were purchased for $2.12. On 31 March, 850 of the treasury shares were sold for $2.45. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $969,500 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.) D View transaction list 1 Record purchase of 4,200 common shares as treasury stock at $3.70 per share. 2 Record sale of 750 shares of treasury stock at $5.20 per share. 3 Record purchase of 500 common shares of treasury stock at $2.12 per share. 4 Record sale of 850 shares of treasury stock at $2.45 per share. 5 Record retirement of remaining shares. Note : = journal entry has been entered X per Credit > 2. Calculate the resulting balance in each of the shareholders' equity accounts. (Round "per share" answer to two decimal places and final answers to the nearest whole dollar.) Shares Amount Account balances: Common shares issued and outstanding Contributed capital, treasury stock Contributed capital, share retirement Retained earnings

Answer rating: 100% (QA)

Date Particular 15Jan Treasury Stock 4200370 To Ca... View the full answer