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Accounting

E12-4 On January 1, 2006, the stockholders' equity section of Rowen Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value of $1,000,000; and retained earnings of $1,200,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased 50,000 shares for cash at $16 per share.
July 1 Sold 10,000 shares treasury shares for cash at $17 per share.
Sept. 1 Sold 8,000 shares treasury shares for cash at $15 per share.

Instructions
a. Journalize the treasury stock transactions.
b. Restate the entry for September 1, assuming the treasury shares were sold at $13 per share.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9282623

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