On January 1, 2019, the stockholders equity section of Intercontinental Corporation shows: Common stock ($5 par value)
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Question:
- On January 1, 2019, the stockholders’ equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 30,000 shares for cash at $22 per share.
July 1 Sold 6,000 treasury shares for cash at $27 per share.
Oct. 1 Sold 5,000 treasury shares for cash at $19 per share.
Dec 1 Sold 3,000 treasury share for cash at $10 per share.
REQUIRED:
Journalize the treasury stock transactions.
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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