Brief Exercise 217 On lanuary 1, 2017, Wooden Company issued 16,000 shares of $2

Question

Brief Exercise 217 On lanuary 1, 2017, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000. n March 1, 2017, the company purchased 2,000 shares of its common stock for $15 per share for the treasury. Journalize the stock transactions of Wooden Company in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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: Opn Show Work

Explanation / Answer

01-Jan Cash 120000 Common Stock 16000*2 32000 Paid in capital In excess of par value (120000-32000) 88000 01-Mar Treasury Stock 30000 Cash 30000 15*2000

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