Jameson Corporation: Entries for reacquisition and resale of stock: par value, cost
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18. On August 10, Jameson Corporation reacquired 8,000 shares of its $100 par value common stock at $134. The stock was originally issued at $110. The shares were resold on November 21 at $145.
Provide the entries required to record the reacquisition and the subsequent resale of the stock using the:
(1) Par value method of accounting for treasury stock.
(2) Cost method of accounting for treasury stock.
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This solution helps with problems that involve entries for re-acquisition and resale of stock.
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ANSWERS
Question 1
Reacquisition
DR: Treasury stock (8,000 x 100) 800,000
DR: APIC [(110 - 100) x 8,000] ...
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