Explore BrainMass

Explore BrainMass

    Treasury Stock - Sale & Purchase

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Record the following transactions of a company in general journal form.

    (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 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.

    © BrainMass Inc. brainmass.com June 3, 2020, 11:57 pm ad1c9bdddf

    Solution Preview

    A Debit Treasury Stock - 320,000
    Credit Cash - 320,000 (40*8000)

    B Debit ...

    Solution Summary

    The solution provides journal entry for treasury stock sale & purchase transactions.