Problem 11-24A (Algo) Analyzing journal entries for treasury stock transactions LO 11-4, 11-5 The following...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Problem 11-24A (Algo) Analyzing journal entries for treasury stock transactions LO 11-4, 11-5
The following correctly prepared entries without explanations pertain to Corners Corporation.
Event Number
Account Title
Debit
Credit
1.
Cash
1,230,000
1.
Common stock
800,000
1.
Paid-in capital in excess of par value
430,000
2.
Treasury stock
29,400
2.
Cash
29,400
3.
Cash
25,000
3.
Treasury stock
22,200
3.
Paid-in capital in excess of cost of treasury stock
2,800
The original sale (Entry 1) was for 410,000 shares, and the treasury stock was acquired for $6 per share (Entry 2). Requireda. What was the sales price per share of the original stock issue? b. How many shares of stock did the corporation acquire in Entry 2? c. How many shares were reissued in Entry 3? d. How many shares are outstanding immediately following Entries 2 and 3, respectively?
Complete this question by entering your answers in the tabs below. What was the sales price per share of the original stock issue? (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. b. How many shares of stock did the corporation acquire in Entry 2? c. How many shares were reissued in Entry 3 ? Complete this question by entering your answers in the tabs below. How many shares are outstanding immediately following Entries 2 and 3 , respectively
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!
