I need help ASAP. MY HOMEWORK IS DUE IN A FEW HOURS. THANK YOU :) Problem 15-2 (

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I need help ASAP. MY HOMEWORK IS DUE IN A FEW HOURS. THANK YOU :)

Problem 15-2 (Part Level Submission) Bridgeport Company had the following stockholders' equity as of January 1, 2017 Common stock, $5 par value, 20,500 shares issued Paid-in capital in excess of par-common stock Retained earnings $102,500 304,000 321,000 5727,500 Total stockholders' equity During 2017, the following transactions occurred. Feb. 1 Mar. 1 Mar Bridgeport repurchased 1,950 shares of treasury stock at a price of $18 per share 720 shares of treasury stock repurchased above were reissued at $16 per share. 520 shares of treasury stock repurchased above were reissued at $14 per share. 580 shares of treasury stock repurchased above were reissued at $19 per share. 18 Apr. 22 (a) Prepare the journal entries to record the treasury stock transactions in 2017, assuming Bridgeport uses 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 Mar. 18 Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Feb 1 Treasury stock (1950*18) 35100 Cash 35100 Mar 1 Cash (720*16) 11520 Retained earnings 1440 Treasury stock (720*18) 12960 Mar 18 Cash (520*14) 7280 Retained earnings (520*4) 2080 Treasury stock (520*18) 9360 Apr 22 Cash (580*19) 11020 Treasury stock (580*18) 10440 Paid in capital from sale of treasury stock 580

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