E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2,

Question

E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] The tollowing information appies to the questions displayed below. The follomng selected transactions occurred for Coner Corporation: Feb. 1 Purchased 600 shares of the company's own common stock at $40 cash per share, the stock is July 15 Issued 200 of the shares purchased on February 1 for $50 cash per share. now held In treasury Sept. 1 Issued 160 more of the shares purchased on February 1 for $35 cash per share References Section Break E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] value: Required information 1.53 points E11-8 Part 1 Required: 1. Indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity Feb. 1 July 15 Sept 1

Explanation / Answer

Equation :

Journal entry :

Assets = Liabilities + Stockholder's equity Feb 1 Cash -24000 Treasury Stock -24000 July 15 Cash 10000 Treasury Stock 8000 Paid in capital from sale of treasury Stock 2000 Sep 1 Cash 5600 Treasury Stock 6400 Paid in capital from sale of treasury Stock -800

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.