Treasury Stock Coastal Corporation issued 25,000 shares of $5 par value common s

Question

Treasury Stock Coastal Corporation issued 25,000 shares of $5 par value common stock at $17 per share and 6,000 shares of $50 par value, eight percent preferred stock at $78 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. Prepare the journal entries to record the share issuances and the purchase of the common shares. Assume that Coastal sold 2,000 shares of the treasury stock at $26 per share. Prepare the general journal entry to record the sale of this treasury stock. Assume that Coastal sold the remaining 1,000 shares of treasury stock at $19 per share. Prepare the journal entry to record the sale of this treasury stock.

Explanation / Answer

Treasury Stock Coastal Corporation issued 25,000 shares of $5 par value common s

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