Question

Brief Exercise 15-8 Concord Inc. has outstanding 13,600 shares of $10 par value common stock. On July 1, 2017, Concord reacquired 105 shares at $87 per share. On September 1, Concord reissued 63 shares at $90 per share. On November 1, Concord reissued 42 shares at $85 per share. Prepare Concord's journal entries to record these transactions using the cost method. (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.) Date Account Titles and Explanation Debit Credit

Answer 1

7/1/17	Treasury stock	9135		=105*87
	Cash		9135
9/1/17	Cash	5670		=63*90
	Treasury Stock		5481	=63*87
	Paid-in Capital from Treasury Stock		189
11/1/17	Cash	3570		=42*85
	Paid-in Capital from Treasury Stock	84
	Treasury Stock		3654	=42*87