The following information is taken from the accounting records of the Propst Steele Production Corporation 1 Issued 5,000 shares of no par common stock at $15 per share 2 Issued an additional 5,000 shares of no par common stock at $17 per share 3 Reacquired 500 shares of its no par common stock at ...

1 Cash 15 x 5000 75000 Common Stock no par 75000 2 Cash 17 x 5000 85000 Common S ...

The following information is taken from the accounting records of the Propst-Steele Production Corporation: 1. Issued 5,000

Question:

The following information is taken from the accounting records of the Propst-Steele Production Issued 5,000 shares of no-par at $15 per share.
2. Issued an additional 5,000 shares of no-par at $17 per share.
3. Reacquired 500 shares of its no-par at a cost of $12.50 per share.
4. Reissued 200 of its treasury shares at $14 per share.
5. Reissued the remaining treasury shares at $11 per share.

Required
Prepare journal entries to account for the preceding stock transactions of the Propst-Steele Production assuming it uses the cost method for treasury stock.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...