Treasury Stock Transaction example: Note: if you do not want to copy and paste the journal entry form, that is okay, but you must show your journal entries AND computations to receive credit. In 2016, Poe's Products completed the treasury stock transactions described below. January 2: Reacquired 10 million shares at $16 per share. February 15: Sold 3 million shares at $20 per share. September 20: Sold 3 million treasury shares at $15 per share. Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions, assuming that Poe's Products uses the cost method. Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions, assuming that Poe's Products uses the cost method. Hint: September 20, 2016 Cash (3 * $15) Paid-in capital-share repurchase Treasury stock (3 * $16) 45 3 481 Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions, assuming that Poe's Products uses the cost method. Hint: September 20, 2016 Cash (3 * $15) Paid-in capital-share repurchase Treasury stock (3 * $16) 45 3 481