90.2K

Verified Solution

Link Copied!

Johnston, Inc., engaged in the following transactions invoMing treasury slock Feb. 10 Purchased for cash 17,000 shares of treasury stock at price of $28 per share, Dune 4 Relssued 6,000 shares of treasury stock at a price of $44 per share. Dec.22 Reissued 4,eee shares of treasury stock at price of $22 per share. a. Prepare general Journal entries to record these transactions b. Compute the amount of retained earnings that should be restricted because of the treasury stock shill owned at December 31 Complete this question by entering your answers in the tabs below. Required Required B Prepare general journal entries to record these transactions. If no entry is required for a transaction/event, select "No journal entry routed in the first account held: No Date General Journal Debit Credit 1 Feb 10 Treasury stock Cash 476,000 476,000 2 Jun 04 264 000 Cash Treasury stock Additional pald-in capital Treasury stock 3 Dec 22 Additional paid-in capital Treasury stock Treasury stock Johnston, Inc., engaged in the following transactions involving treasury stock Feb. 10 Purchased for cash 17,eee shares of treasury stock at price of $20 per share, June 4 Reissued 6,000 shares of treasury stock at a price of 144 per share. Dec, 22 Reissued 4,000 shares of treasury stock at price of $22 per share. a. Prepare general Journal entries to record these transactions b. Compute the amount of telained earnings that should be restricted because of the treasury stock still owned at December 31 Complete this question by entering your answers in the tabs below. Required a Required B Compute the amount of retained earnings that should be restricted because of the treasury stock still owned at December 31 Forledendearings

Answer & Explanation Solved by verified expert

See Answer