Reacquired 8000 of its own 10 par value common stock at 40, Ask an Expert

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The following transactions of a company occurred:

(a) Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
(b) Sold 2,000 shares of the stock reacquired under part (a) at $43 cash per share.
(c) Sold 3,000 shares of the stock reacquired under part (a) at $39 cash per share.

1) Prepare the journal entries required to record these transactions.
2) find out the balance in Paid-in Capital, Treasury Stock, on September 1

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M972830

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