Question1 Crane Inc. has outstanding 13,300 shares of $10 par value common stock

Question

Question1 Crane Inc. has outstanding 13,300 shares of $10 par value common stock. On July 1, 2017, Crane reacquired 111 shares at $88 per share. On September 1, Crane reissued 62 shares at $92 per share. On November 1, Crane reissued 49 shares at $86 per share. Prepare Crane's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

July-1-17 Treasury stock 9768 =111*88          Cash 9768 1-Sep Cash 5704 =62*92        Treasury stock 5456 =62*88        Paid in capital-Treasury stock 248 1-Nov Cash 4214 =49*86 Paid in capital-Treasury stock 98        Treasury stock 4312 =49*88

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