Homework Answers
| 1 | |||
| The entry for purchase is: | |||
| Debit | Credit | ||
| Treasury Stock | 100000 | =2000*50 | |
| Cash | 100000 | ||
| Option C Debit to Treasury Stock for $100,000 is correct option | |||
| 2 | |||
| A corporation may reacquire (purchase) its own stock for: | |||
| To provide shares for resale to employees | |||
| To reissue as bonuses to employees | |||
| To support the market price of the stock | |||
| Option D All of these choices are correct is the correct option | |||
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required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
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The cost method is almost always used to record treasury stock purchases. This means that the corporation has purchased its own stock -- either from a shareholder or on the open market -- and debited the full purchase price to Treasury Stock. Which of the following is a reason for a corporation to purchase its own shares and put them in the treasury? The cost of the treasury shares is a tax deductible item on the corporate income tax return....
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
Treasury Stock Coastal Corporation issued 25,000 shares of $8 par value common stock at $20 per share and 6,000 shares of $53 par value, eight percent preferred stock at $61 per share. Later, the company purchased 3,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $29 per share. Prepare...
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