Brief Exercise 15-9 Carla Corporation has outstanding 22,000 shares of $5 par va

Question

Brief Exercise 15-9 Carla Corporation has outstanding 22,000 shares of $5 par value common stock. On August 1, 2017, Carla reacquired 220 shares at $83 per share. On November 1, Carla reissued the 220 shares at $73 per share. Carla had no previous treasury stock transactions. Prepare Carla'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 O for the amounts.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Date Account titles and explanation Debit Credit 8/1/17 Treasury Stock $18,260 Cash $18,260 11/1/17 Cash $16,060 Retained Earnings $2,200 Treasury Stock $18,260

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