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Stockholders' Equity
Paid-in capital:
Common stock, $1 par, 750,000 shares authorized,
60,000 shares issued and outstanding $60,000
Paid-in capital in excess of par 180,000
Total paid-in capital 240,000
Retained earnings 500,000
Total stockholders' equity $740,000
On December
27 Mid AmericaMid America, Inc., purchased 5 comma 0005,000 shares of treasury stock at $55 per share.
Requirement 1. Journalize the purchase of the treasury stock. (Record debits first, then credits. Exclude explanations from any journal entries.)
| Journal Entry |
| Date | Accounts | Debit | Credit |
| Dec | 31 | | | |
| | | | | |
| | | | | |
| | | | | |
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