Transactions of a company in general journal form for common stock

Not what you're looking for? Search our solutions OR ask your own Custom question.

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

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 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.

What is the difference between reaquired stock and the initially purchased stock?

© BrainMass Inc. brainmass.com December 15, 2022, 7:50 pm ad1c9bdddf
https://brainmass.com/business/the-accounting-cycle/transactions-of-a-company-in-general-journal-form-for-common-stock-253626

Solution Preview

Transaction a
Treasury Stock 320,000
Cash 320,000
Transaction b
Cash 86,000
Treasury Stock 80,000
APIC - ...

Solution Summary

The solution examines transactions for company general journal form for a common stock.

$2.49