Question

Problem 15-5 Vour answer is partially correct. Try again. Before Novak Corporation engages in the treesury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share) Paid-in Capital in Excess of Par-Common Retained Earnings Common Stock Stock $96,800 $297,000 $76,200 Record the treasury stock transactions (given below) under the cost method of handling treasury stock use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Bought 370 shares of treasury stock at $39 per share. (b) Bought 280 shares of treasury stock at $45 per share. (c) Sold 340 shares of treasury stock at $41 per share. (d) Sold 100 shares of treasury stock at $37 per share. No. Account Titles and Explanation Debit Credit (a) TTreasury Stock 14,430 Cash 14,430 (b) TTreasury Stock 12,600 Cash 12,600 13,940 Treasury Stock 13,260 Paid-in Capital from Treasury Stock 680 3,700 Paid-in Capital from Treasury Stock Treasury Stock

Answer 1

d	Sold 100 shares of treasury stock at $37 per share
	Cost of 100 share of treasury stock
	30 shares @ $39	1170
	70 shares @ $45	3150
	Total Cost	4320
	Cash	$3,700
	Paid in Capital from Treasury stock	$620
	Treasury Stock		$4,320