Help Save & Exit 3 Check myv Johnston, Inc., engaged in the following transactio

Question

Help Save & Exit 3 Check myv Johnston, Inc., engaged in the following transactions involving treasury stock. 5 points Feb.10 Purchased for cash 17,000 shares of treasury stock at a price of $30 per share. June 4 Reissued 6,000 shares of treasury stock at a price of $47 per share Dec.22 Reissued 4,000 shares of treasury stock at a price of $22 per share a. Prepare general journal entries to record these transactions. b. Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31 Skipped eBook Complete this question by entering your answers in the tabs below. Ask Print Required A Required B Prepare general journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) References View transaction list Mc Graw Hill

Explanation / Answer

Date General Journal Debit Credit 10-Feb Treasury stock 510000 Cash 510000 17000*30 04-Jun Cash 6000*47 282000 Treasury stock 180000 Additional Paid-in stock (47-30)*6000 102000 22-Dec Cash 4000*22 88000 Additional Paid in capital 32000 Treasury Stock 30*4000 120000 b 7000 share are still held so retained earnings for treasury stock at year end is 7000*30 210000

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