ABC Corporation had the following Balance Sheet: Paid-in-Capital: Common Stock (($4-par, 200,000 shares authorized, 150,000 shares issued and outstanding) …………………….$ 600,000 Paid-in Capital in excess of par……………………………… 375,000 Earned Capital: Retained Earnings……………………………………………. 365,000 Prepare journal entries to record the following transactions: a. Purchased 24,000 shares of its own stock for $168,000. b. Sold 4,000 shares of the Treasury stock for $9 per share.
ABC Corporation had the following Balance Sheet: Paid-in-Capital: Common Stock (($4-par, 200,000 shares authorized, 150,000 shares issued and outstanding) …………………….$ 600,000 Paid-in Capital in excess of par……………………………… 375,000 Earned Capital: Retained Earnings……………………………………………. 365,000 Prepare journal entries to record the following transactions: a. Purchased 24,000 shares of its own stock for $168,000. b. Sold 4,000 shares of the Treasury stock for $9 per share.
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 15.4CPP: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,...
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Question
ABC Corporation had the following Balance Sheet:
Paid-in-Capital:
Common Stock (($4-par, 200,000 shares authorized,
150,000 shares issued and outstanding) …………………….$ 600,000
Paid-in Capital in excess of par……………………………… 375,000
Earned Capital:
Prepare
a. Purchased 24,000 shares of its own stock for $168,000.
b. Sold 4,000 shares of the
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