Question

uni nt share. On November 1, Pronghorn reissued 46 shares at $83 per share. Debit
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Journal entries:
Date Accounts title and explanations Debit $ Credit $
01.07.17 Treasury Stock (111*86) 9546
      Cash account 9546
01.09.17 Cash account (65*93) 6045
    Treasury Stock (65*86) 5590
    Additional Paid in capital-Treasury (65*7) 455
01.11.17 Cash account (46*83) 3818
Additional paid in capital-Treasury (46*3) 138
    Treasury Stock (46*83) 3956
Add a comment
Know the answer?
Add Answer to:
uni nt share. On November 1, Pronghorn reissued 46 shares at $83 per share. Debit
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017,...

    Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No...

  • Sage Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2020,...

    Sage Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2020, Sage reacquired 100 shares at $86 per share. On September 1, Sage reissued 61 shares at $94 per share. On November 1, Sage reissued 39 shares at $83 per share. Prepare Sage’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"...

  • February 1,   Jones repurchased 2,000 shares of treasury stock at a price of $18 per share. March...

    February 1,   Jones repurchased 2,000 shares of treasury stock at a price of $18 per share. March 1,       800 shares of treasury stock repurchased above were reissued at $17 per share. March 18,     500 shares of treasury stock repurchased above were reissued at $14 per share. April 22,       600 shares of treasury stock repurchased above were reissued at $20 per share. Instructions: Prepare the journal entries to record the treasury stock transactions in 2007, assuming Jones uses the cost method.

  • Blue Spruce Corporation has 740,000 shares outstanding. The shares have an average cost of $46 per...

    Blue Spruce Corporation has 740,000 shares outstanding. The shares have an average cost of $46 per share. On September 5, 2020, the company repurchases 1,600 of its own shares at $80 per share and does not cancel them. The shares are classified as treasury shares. On November 20, 2020, the company resells 1,300 of the treasury shares at $85 per share. Prepare the journal entries for the repurchase and subsequent sale of the treasury shares.

  • Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017,...

    Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method. 7/1/17                   Treasury Stock (100 X $87)...........................           8,700                           Cash.........................................................                                8,700 9/1/17                   Cash (60 X $90)...............................................           5,400                          ...

  • Assum e that an investor buys 100 shares of stock at $46 per share, putting up...

    Assum e that an investor buys 100 shares of stock at $46 per share, putting up a 65% margin. a. What is the debit balance in this transaction? b. How much equity capital must the investor provide to make this margin transaction? a. The debit balance in this transaction is s(Round to the nearest dollar.) b. The amount of equity funds the investor must provide to make this margin transaction is s. (Round to the nearest dollar)

  • Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of...

    Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stock and 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 71,000 shares of common stock for cash at $5 per share. Mar. 1 Issued 1,220 shares of preferred stock for cash at $56 per share. May 1 Issued 116,000 shares...

  • You sold short 1,000 shares of a stock at $46 per share. The initial margin is...

    You sold short 1,000 shares of a stock at $46 per share. The initial margin is 50%. a) At what stock price would you receive a margin call if the maintenance margin is 35%? (do not consider dividends in question a) b) Assume that the stock paid a $0.25 dividend per share each quarter, what is the rate of return if you buy to cover the shares at $40 per share at the end of the quarter?

  • Suppose you bought 300 shares of stock at an initial price of $46 per share. The...

    Suppose you bought 300 shares of stock at an initial price of $46 per share. The stock paid a dividend of $0.44 per share during the following year, and the share price at the end of the year was $47. Compute your total dollar return on this investment.

  • On November 1, 2018, United Airlines purchases 10,000 shares of Exxon Mobil for $120 per share...

    On November 1, 2018, United Airlines purchases 10,000 shares of Exxon Mobil for $120 per share plus a total of $500 commission. These shares are classified as trading securities. On December 31, 2018, Exxon Mobil is trading for $110 per share. On January 5, Exxon pays shareholders $3 per share in dividends. On February 5, 2019 United Airlines sells the Exxon shares for $115 per share. United Airlines has a tax rate of 20%. Requirements: a. Show all the needed...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT