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ox (5) ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; eBook Show Me How Calculator Print Item Entries for Treasury Stock 7, Mama Mia Inc. reacquired 3,900 shares of its common stock at $28 per share. On August 3, Mama Mia sold 2,100 of the reacquired shares at $31 per share. November 14, Mama Mia sold the remaining shares at $27 per share. Journalize the transactions of May 27, Aug ust 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14

Explanation / Answer

1) Mama Mia Inc. Journal Date Account Head & Description Debit Amount Credit Amount May 27 Treasury stock (3900*28) 109200 Cash 109200 (to record the purchase of own shares) Aug 3 Cash (2100*31) 65100 Treasury stock (2100*28) 58800 Additional paid-in capital - Treasury stock (2100*3) 6300 (to record the sale of treasury stock) Nov 14 Cash (1800*27) 48600 Additional paid-in capital - Treasury stock (1800*1) 1800 Treasury stock (1800*28) 50400 (to record the sale of treasury stock) 2) Stockholders' Equity $ $ Paid in capital Common stock 3360000 3360000 Total capital stock 3360000 Additional paid-in capital Paid-in capital in excess of par-Common stock 448000 Paid-in capital in excess of par-Treasury stock 134000 Total paid-in capital 3942000 Retained earnings 1512000 Total 5454000 Less: Treasury stock -67000 Total stockholders' equity 5387000

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