View Policies Current Attempt in Progress Crane Company's balance sheet reported the following Capital stock outstanding, 4,000 shares, par $30 per share $120,000 Paid in capital in excess of par 75,000 Retained earnings 90,000 The following transactions occurred this year (a) Purchased 180 shares of capital stock to be held as treasury stock, paying $55 per share (b) Sold 140 of the shares of treasury stock at $60 per share (c) Sold the remaining shares of treasury stock at $45 per share Prepare the journal entry for these transactions under the cost method of accounting for treasury stock (Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) No Account Titles and Explanation Debit Credit (a) (b) (c)

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Question: View Policies Current Attempt in Progress Crane Company's balance sheet reported the following: Capital stock outstanding, 4,000 shares, par $30 per share $120,000 Paid-in capital

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Current Attempt in Progress

Crane Company's balance sheet reported the following:

Capital stock outstanding, 4,000 shares, par $30 per share		$120,000
Paid-in capital in excess of par		75,000
Retained earnings		90,000

The following transactions occurred this year:

(a)		Purchased 180 shares of capital stock to be held as treasury stock, paying $55 per share.
(b)		Sold 140 of the shares of treasury stock at $60 per share.
(c)		Sold the remaining shares of treasury stock at $45 per share.

Prepare the journal entry for these transactions under the cost method of accounting for treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
(a)

(b)


(c)

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