Sheridan Company has the following stockholders' equity accounts at December 31,2025: Common Stock...

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Accounting

Sheridan Company has the following stockholders' equity accounts at December 31,2025:
Common Stock ($60 par value, authorized 23,000 shares) $897,000
Retained Earnings $557,000
Prepare entries in journal form to record the following transactions, which took place during 2026. Transactions occured in the order presented.
(1)370 shares of outstanding stock were purchased at $70 per share. (These are to be accounted for using the stock method.)
(2) A $4 per share cash dividend was declared.
(3) The dividend declared in (2) above was paid.
(4) The treasury shares purchased in (1) above were resold at $74 per share.
(5)400 shares of outstanding stock wrre purchased at $76 per share. (Use the cost method.)
(6)220 of the shares purchased in (5) above were resold at $68 per share.
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