On April 10, 2016, Amelia, Inc., purchased 675 shares of its own common stock in

Question

On April 10, 2016, Amelia, Inc., purchased 675 shares of its own common stock in the market for $33 per share. On September 28, 2016, the company sold 405 of these shares in the open market at a price of $34 per share. 3.value: 1.00 pointsRequired information Record the journal entry to show the effects on Amelia, Inc.’s financial statements for the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) On April 10, 2016, Amelia, Inc., purchased 675 shares of its own common stock in the market for $33 per share. On September 28, 2016, the company sold 405 of these shares in the open market at a price of $34 per share. 3.value: 1.00 pointsRequired information Record the journal entry to show the effects on Amelia, Inc.’s financial statements for the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) On April 10, 2016, Amelia, Inc., purchased 675 shares of its own common stock in the market for $33 per share. On September 28, 2016, the company sold 405 of these shares in the open market at a price of $34 per share. 3.value: 1.00 pointsRequired information Record the journal entry to show the effects on Amelia, Inc.’s financial statements for the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Explanation / Answer

Journal entries:-

April 10, 2016 Treasury stock ( 675*33) 22275 Cash 22275 Sept. 28, 2016 Cash ( 405*34) 13770 Treasury stock ( 405*33) 13365 Paid in capital from sale of treasury stock 405

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