Homework Answers
Answer : journal entries in the books of Erie company :
| Date | Accounts title | Debit | Credit |
| Mar 1 | treasury stock (15,000 × $8) | $1,20,000 | |
| Cash | $1,20,000 | ||
| April 1 | cash (1,000 × $12) | $12,000 | |
| Treasury stock - common stock (1,000 × $8) | $8,000 | ||
| Additional paid in capital from treasury stock (1,000 × $4) | $4,000 | ||
| May 1 | cash (5,000 × $7) | $35,000 | |
| Additional paid in capital from treasury stock (5,000 × $1) | $5,000 | ||
| Treasury stock - ESOPS (5,000 × $8) | $40,000 | ||
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