On january 1, 2001, sunshine corporation had 40000 shares of$10 par value common

Question

On january 1, 2001, sunshine corporation had 40000 shares of$10 par value common stock issued and outstanding. all 40,000shares had been issued in the prior period at $20 per share.Onfeburaray 1, 2001. sunshine purchased 2000 shares of treasurystock for $23 per share and later sold the treasury shares for $ 21per share on march1 , 2001.
what is the journal entry to record the purchase of treasury stockon feburary 1, 2001 ?   On january 1, 2001, sunshine corporation had 40000 shares of$10 par value common stock issued and outstanding. all 40,000shares had been issued in the prior period at $20 per share.Onfeburaray 1, 2001. sunshine purchased 2000 shares of treasurystock for $23 per share and later sold the treasury shares for $ 21per share on march1 , 2001.
what is the journal entry to record the purchase of treasury stockon feburary 1, 2001 ?  

Explanation / Answer

Journal to record the purchase of Treasury stock 2/1/2001 Treasurystock            46,000       Cash                          46,000 (2,000 shares * $ 23)

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