On 1/1/2017, AB Company has 20000 shares of $5 par value common stock outstanding at...
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Accounting
On 1/1/2017, AB Company has 20000 shares of $5 par value common stock outstanding at an average issue price of $41 per share. On June 1, the company acquired 1700 shares of its own outstanding common stock for $40 per share. The company uses the "cost method" to account for transactions involving the acquisition of its own shares and reissuance of such shares. On July 1, AB Company reissued 700 treasury shares for $43 per share. On November 1, AB Company reissued 900 treasury shares at $39 per share. On December 1, AB Company decided to retire the remaining treasury shares. Prepare the journal entries to record the treasury stock transactions
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