3. | The Jennings Group issued 3 million shares of $10 par value stock for $42 | |||||||||
a share on January 1, 2006. | ||||||||||
The Jennings Group issued an additional 7 million shares of $10 par value stock for $44 | ||||||||||
a share on March 7, 2006. | ||||||||||
The Jennings Group reacquired 1 million of its shares at $50 per share as treasury | ||||||||||
stock on March 1, 2006. | ||||||||||
The Jenning Group reacquired and retired 4 million of its shares at $47 per share | ||||||||||
on April 5, 2006 | ||||||||||
The Jennings Group reacquired 1 million of its shares at $45 per share as treasury | ||||||||||
stock on May 7, 2006 | ||||||||||
On July 15, 2006, Jennings issued 1.5 million treasury shares at $49 per share | ||||||||||
On October 27, 2006 Jennings sold 250,000 treasury shares at $52 per share | ||||||||||
Record all the applicable journal entries using the weighted average method |
(check figure AVG: after all entries have been recorded - APIC account = (200,400,000) & Treasury Stock = 11,875,000) |
Date | Account Name | Dr | Cr | |
01-01-2006 | Bank A/c Dr | 12,60,00,000 | ||
To Share Capital A/c | 3,00,00,000 | |||
To Securities Premiun A/c | 9,60,00,000 | |||
(Being 3m shares issued FV 10 @ 42) | ||||
01-03-2006 | Treasury Stock Dr | 5,00,00,000 | ||
To Bank Ac | 5,00,00,000 | |||
(Being 1m shares FV 10 acquired @ 50) | ||||
07-03-2006 | Bank A/c Dr | 30,80,00,000 | ||
To Share Capital A/c | 7,00,00,000 | |||
To Securities Premiun A/c | 23,80,00,000 | |||
(Being 7m shares issued FV 10 @ 44) | ||||
05-04-2006 | Common Stock A/c Dr | 18,80,00,000 | ||
To Bank Ac | 18,80,00,000 | |||
(Being 4m shares FV 10 acquired @ 47) | ||||
05-04-2006 | Share Capital A/c Dr | 4,00,00,000 | ||
Common Stock A/c Dr | 4,00,00,000 | |||
(Being 4m shares FV 10 retired) | ||||
07-05-2006 | Treasury Stock Dr | 4,50,00,000 | ||
To Bank Ac | 4,50,00,000 | |||
(Being 1m shares FV 10 acquired @ 45) | ||||
15-07-2006 | Bank A/Dr | 7,35,00,000 | ||
To Treasury Stock A/c | 1,50,00,000 | |||
To Addition paid in capital- treasury stock | 5,85,00,000 | |||
(Being 1.5m shares FV 10 issued @ 49) | ||||
27-10-2006 | Bank A/Dr | 1,30,00,000 | ||
To Treasury Stock A/c | 25,00,000 | |||
To Addition paid in capital- treasury stock | 1,05,00,000 | |||
(Being .25m shares FV 10 sold @ 52) |
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