Acme Company has 3,000 shares of common stock that are owned by the public. The...
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Acme Company has 3,000 shares of common stock that are owned by the public. The par value for each of these shares is $8. These shares were originally sold to the public for a total of $99,000 in Year 1. The firm bought 800 of its own shares for $84 per share in 1 January Year 2 paying cash. There had been no previous treasury share transactions. In 1 April Year 2, Acme sold 250 treasury shares for $90 per share. In 1 July Year 2, Acme sold 100 of the remaining treasury shares for $70 per share.
What is the Journal Entry for 1 July Year 2?
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