4. Chapter 13: On January 10, ACE Corporation purchased 5,000 shares of its own common...
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4. Chapter 13: On January 10, ACE Corporation purchased 5,000 shares of its own common stock for $300,000. On August 10, a total of 2,000 shares were sold at $65.00 per share. On September 10, a total of 2,000 more shares were sold at $45.00 per share. On December 10, the remaining shares were sold for $40.00 per share. These are the only treasury stock transactions ever made by the corporation. (15 mins) Prepare the journal entries required on January 10, August 10, September 10 and Dec 10. Jan 10 Aug 10 Sept 10 I Dec 10
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