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In 2020, Concord Corporation acquired 15500 shares of its own $1 par value common stock at...

In 2020, Concord Corporation acquired 15500 shares of its own $1 par value common stock at $19 per share. In 2021, Concord issued 10500 of these shares at $24 per share. Concord uses the cost method to account for its treasury stock transactions. What accounts and what amounts should Concord credit in 2021 to record the issuance of the 10500 shares?

Treasury Stock

Additional Paid-in Capital

Retained Earnings

Common Stock

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Answer #1

JOURNAL ENTRY

Cash $252,000 (10,500*$24)
Treasury stock $199,500 (10,500*$19)
Additional paid in capital - Treasury stcok 52,500
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