in 2018, poe's products completed the treasury stock transactions described below January 2: required 10 million sha...
in 2018, poe's products completed the treasury stock transactions described below
January 2: required 10 million shares at $15.30 per
share
February 15th so 3 million treasury shares at $19.65 per
share
September 20th so 3 million treasury shares at $14.65 per share
Poe had issued 50 million shares at its $1 par common stock for $18 several years ago
record the above transactions
Homework Answers
Journal
| Date | Account title | Debit | Credit |
| January 2 | Treasury stock | 153,000,000 | |
| Cash | 153,000,000 | ||
| Feb. 15 | Cash | 58,950,000 | |
| Treasury stock | 45,900,000 | ||
| Paid in capital from treasury stock | 13,050,000 | ||
| Sep. 20 | Cash | 43,950,000 | |
| Paid in capital from treasury stock | 1,950,000 | ||
| Treasury stock | 45,900,000 |
Kindly comment if you need further assistance. Thanks
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