Treasury Stock Pomona Corporation issued 60,000 shares of $3 par value common stock at $21 per...
Treasury Stock
Pomona Corporation issued 60,000 shares of $3 par value common
stock at $21 per share and 9,000 shares of $30 par value, ten
percent preferred stock at $85 per share. Later, the company
purchased 2,000 shares of its own common stock at $23 per
share.
a. Prepare the journal entries to record the share issuances and
the purchase of the common shares.
b. Assume that Pomona sold 1,500 shares of the treasury stock at
$30 per share. Prepare the general journal entry to record the sale
of this treasury stock.
c. Assume that Pomona sold the remaining 500 shares of treasury
stock at $20 per share. Prepare the journal entry to record the
sale of this treasury stock.
Homework Answers
a) Journal entry
| No | General journal | Debit | Credit |
| a | Cash (60000*21) | 1260000 | |
| Common Stock (60000*3) | 180000 | ||
| paid in capital in excess of par value-Common Stock | 1080000 | ||
| b | Cash (9000*85) | 765000 | |
| Preferred stock (9000*30) | 270000 | ||
| Paid in capital in excess of par value-Preferred | 495000 | ||
| c | Treasury stock (2000*23) | 46000 | |
| Cash | 46000 | ||
b) Journal entry
| date | account and explanation | Debit | Credit |
| Cash (1500*30) | 45000 | ||
| Paid in capital from sale of treasury stock | 10500 | ||
| Treasury stock (1500*23) | 34500 |
c) Journal entry
| date | account and explanation | Debit | Credit |
| Cash (500*20) | 10000 | ||
| Paid in capital from sale of treasury stock | 1500 | ||
| Treasury stock (500*23) | 11500 |
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