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  3. 5. on september 5, borton corporation acquired 2.5

5. On September 5, Borton Corporation acquired 2.500 shares of its own $1 par common...

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5. On September 5, Borton Corporation acquired 2.500 shares of its own $1 par common stock for $22 per share. On October 15, 1,000 shares of the treasury stock is sold for $25 per share. Instructions Journalize the purchase and sale of the treasury stock assuming that the company uses the cost method. 6. Roxy Company issued bonds with a face amount of $1,000,000 in 2015. As of January 1, 2018, the balance in Discount on Bonds Payable is $6,000. At that time, Queen redeemed the bonds at 102. Instructions Assuming that no interest is payable, make the entry to record the redemption

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