Tamarisk, Inc. purchased from its stockholders 4,900 shares of its own previously issued stock for...
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Tamarisk, Inc. purchased from its stockholders 4,900 shares of its own previously issued stock for $249,900. It later resold 1,900 shares for $54 per share, then 1,900 more shares for $49 per share, and finally 1,100 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock 249.900 Cash 249,900 (To record purchase from stockholders.) Cash 1,02,600 Treasury Stock 96,900 Additional paid in capital 5,700 (To record sales of shares at $54 per share.) Cash 93,100 additional paid capital 3,800 Treasury Stock 96,900 (To record sales of shares at $49 per share.) cash 47,300 Paid-in Capital in Excess of Par-Common Stock 8.,800 Treasury Stock 56,100 (To record sale of shares at $43 per share.) e Textbook and Media
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