On January 1, 2013, the stockholders equity section of Joshua Corporation shows: Common stock ($4 par value)
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Question:
- On January 1, 2013, the stockholders’ equity section of Joshua Corporation shows:
- Common stock ($4 par value) $2,000,000; paid-in capital in excess of par $2,000,000; and retained earnings $2,200,000. During the year, the following treasury stock transactions occurred.
- Mar. 1 Purchased 90,000 shares for cash at $25 per share.
- July 1 Sold 10,000 treasury shares for cash at $27 per share.
- Sept. 1 Sold 18,000 treasury shares for cash at $24 per share.
Instructions
- (a) Journalize the treasury stock transactions.
- (b) Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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