QUESTION 1 Incomplete answer Points out of 3.00 P Flag quession Treasury Stock C

Question

QUESTION 1 Incomplete answer Points out of 3.00 P Flag quession Treasury Stock Coastal Corporation issued 25,000 shares of s5 par value common stock at $15 per share and 6,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at s20 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $25 per share. Prepare the general journal entry to record the sale of this treasury stock. ai sold the reme ning 1,000 shares ofreasury stockst S18 per snare Prepare thepuna entryto record thhe Sale of this treasury stock.

Explanation / Answer

A Cash 3,75,000 Common Stock 1,25,000 Paid-In Capital from common stock 250000 Issued common stock Cash 510000 Prefered Stock 300000 Paid-In Capital from prefered stock 210000 issued prefered stock Treasury stock - common 60000 cash 60000 Acquired common stock B Cash 50,000 Common Stock 10,000 Paid-In Capital from treasury stock 40000 Issued treasury stock C Cash 18000 Common Stock 5000 Paid-In Capital from treasury stock 13000 Issued treasury stock

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