On 15 March 2018 Titan Company reacquired 1,000,000 of its common shares in the market at...
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On 15 March 2018 Titan Company reacquired 1,000,000 of its common shares in the market at $45 per share. The par value per share is $1. On 3 July 2018, Titan sold 700,000 treasury shares at an average price of $47 per share. Titan sold the remaining shares at $28 per share on 27 November 2018. Assume there is no balance in Prid-in Capital from Treasury Stock on 7/3/18. Required - Provide journal entries for these transactions (3/15, 7/3, 11/27) using the cost method of accounting for treasury stock. On 15 March 2018 Titan Company reacquired 1,000,000 of its common shares in the market at $45 per share. The par value per share is $1. On 3 July 2018, Titan sold 700,000 treasury shares at an average price of $47 per share. Titan sold the remaining shares at $28 per share on 27 November 2018. Assume there is no balance in Prid-in Capital from Treasury Stock on 7/3/18. Required - Provide journal entries for these transactions (3/15, 7/3, 11/27) using the cost method of accounting for treasury stock.
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