Soved A14-9 Treasury Stock (LO 14-4) On 1 January 20X1, Grey Corp....

50.1K

Verified Solution

Question

Accounting

Soved
A14-9 Treasury Stock (LO 14-4)
On 1 January 20X1, Grey Corp. Issued 386,000 no-par common shares at $4.55 per share. In 205, there were treasury stock transactions. On 15 January 205, the company purchased 4,200 of its own common shares at $4.10 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $5.60. On 15 March, 500 shares were purchased for $2.52. On 31 March, 850 of the treasury shares were sold for $2.85. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $973,500 prior to these transactions.
Required:
Provide all 205 entries. (Do not round intermedlate calculatlons and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.)
Journal entry worksheet
1
4
5
Record purchase of 4,200 common shares as treasury stock at $4.10 per share.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students