XYZ Company issued 10,000 shares of $1 par value common stock at a price of $20...
XYZ Company issued 10,000 shares of $1 par value common stock at a price of $20 per share. On Jan. 1, XYZ buys back 1,000 of its shares at $22 per share. On Jan. 15, XYZ sells 100 treasury shares at $25 per share. Please write the necessary journal entries for Jan. 1 and Jan. 15.
Homework Answers
| Jan. 1 | Treasury stcok | $22,000 (1,000*$22) | |
| Cash | $22,000 | ||
| Jan. 15 | Cash | $2,500 (100*$25) | |
| Treasury stock | $2,200 (100*$22) | ||
| Additional paid in capital - Treasury stcok | $300 |
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