Oestion 3 (of 7) E11-8 Recording Treasury Stock Transactions and Analyzing Their

Question

Oestion 3 (of 7) E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3) (The following information applies to the questions displayed below The following selected transactions occurred for Corner 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 11-3eir

Explanation / Answer

Feb-01 Treasury stock 24000 =600*40       Cash 24000 Jul-15 Cash 10000        Treasury stock 8000         Additional paid in capital-Treasury stock 2000 Sep-01 Cash 5600 Additional paid in capital-Treasury stock 800        Treasury stock 6400

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