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On 15 march 2014 Bruin company reacquired 1,000,000 of its common shares in the market...

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Accounting

On 15 march 2014 Bruin company reacquired 1,000,000 of its common shares in the market at $40 per share. The par value per share is $1. On 3 July 2014, bruin sold treasury 600,000 shares at an average price of $42 per share. Bruin sold the remaining shares $39 per share on 27 November 2014. Assume there is no balance in Paid in capital from treasury stock on 7/3/14.

Required- Provide Journal Entries for these transactions (3/15, 7/3,11/27) using the cost method of accounting for treasury stock.

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