Respuesta :
The journal entries to record the purchase are:
- Debit to Treasury stock for 174,000
- Credit to Cash for $174,000
The journal entries to record the sale of the stock are:
- DR Cash for $128,000
- CR Treasury Stock for $116,000
- CR Paid in Capital Treasury Stock for $12,000
Journalize the entries to record the purchase:
April 2:
DR Treasury Stock ................................................$174,000
CR Cash....................................................................................$174,000
(To record purchase of Treasury Stock)
Working
= 6,000* $29
= $174,000
Journalize the entries to record the sale of the stock:
June 10:
DR Cash ...............................................................................$128,000
CR Treasury Stock...............................................................................$116,000
CR Paid in Capital Treasury Stock ..................................................$12,000
Working
Cash = 32 * 4,000 = $128,000
Treasury stock ( recorded at cost) = 29 * 4,000 = $116,000
Pain in Cap = 128,000 - 116,000 = $12,000
Nov 10,
DR Cash ...................................................................................$50,000
DR Paid in Capital Treasury Stock......................................$8,000
CR Treasury Stock..................................................................................$58,000
Working
Cash = 2,000 * 25 = $50,000
Treasury Cap = 2,000 * 29 = $58000
Paid in Cap = 58000 - 50000 = $8,000
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