24 Ans:
Option C- Dr Treasury stock $40,000 Cr Cash $40,000
25 Ans:
Option D - Dr Cash $10,000 Cr Treasury stock $8,000 Cr Paid in Capital treasury stock $2,000
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Use this information for #24 and #25. The following transactions occurred during the year April 1-...
During the year the following selected transactions affecting
stockholders' equity occurred for Orlando Corporation:
a.
Apr.
1
Repurchased 310 shares of the company's own common stock at $24
cash per share.
b.
Jun.
14
Sold 110 of the shares purchased on April 1 for $29 cash per
share.
c.
Sept.
1
Sold 100 of the shares purchased on April 1 for $19 cash per
share.
Required:
1. Prepare journal entries for each of the
above transactions. (If no entry is...
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. Feb. 1 Repurchased 360 shares of the company's own common stock at $25 cash per share. b. Jul. 15 Sold 120 of the shares purchased on February 1 for $26 cash per share. c. Sept. 1 Sold 90 of the shares purchased on February 1 for $24 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. (If no...
Required information Problem 8-25 (Algo) Treasury stock transactions LO 6 (The following information applies to the questions displayed below.) On May 4, 2019, Docker Inc. purchased 850 shares of its own common stock in the market at a price of $18.50 per share. On September 19, 2019, 450 of these shares were sold in the open market at a price of $20.80 per share. There were 35,000 shares of Docker common stock outstanding prior to the May 4 purchase of...
E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. Apr. 1 Repurchased 230 shares of the company's own common stock at $37 cash per share. b. Jun. 14 Sold 90 of the shares purchased on April 1 for $42 cash per share. c. Sept. 1 Sold 80 of the shares purchased on April 1 for $32 cash per share. Required: 1. Prepare journal entries for...
E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: a. Apr. 1Repurchased 350 shares of the company's own common stock at $24 cash per share. b. Jun. 14 Sold 110 of the shares purchased on April 1 for $29 cash per share. c. Sept. 1 Sold 100 of the shares purchased on April 1 for $19 cash per share. Required: 1. Prepare journal entries for each...
E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected transactions affecting stockholders' equity occurred for Orlando Corporation: 1 Repurchased 350 shares of the company's own common stock at $25 cash per share. Sold 110 of the shares purchased on April 1 for $30 cash per share. Sold 100 of the shares purchased on April 1 for $20 cash per share. Apr а. b. Jun. 14 с. Sept. 1 Required: 1. Prepare journal entries for...
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25. The Vernon Corporation was formed on January 2, 2018. The company sold 20,000 shares of $8.00 par value stock for $20.00 per share. On July 1, 2018, Vernon bought back 4,000 shares of stock for $24.00 per share. The treasury stock was resold on September 1, 2018 for $32.00 per share. Which one of the following is the entry to record the original sale of the stock? A) DR Cash 400,000 CR Common stock 160,000 CR Paid-in capital in...
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The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 50,000 shares of non-par common stock in exchange for $500,000 in cash. 2. Purchased equipment at a cost of $80,000 $20,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $152,000. The company uses the perpetual inventory system. 4. Credit sales for the...