Jackson Corporation engaged in the following treasury stocktransaction during 20

Question

Jackson Corporation engaged in the following treasury stocktransaction during 2009: June 11 Purchased 2,000 shares of treasury stock at $62 pershare. Aug 10 Reissued 800 shares of the treasury stock acquired onJune 11 at a price of $67 per share Dec 11 Reissued 600 shares of treasury stock at a price of $60per share Complete the required 3 general journal entries to recordthese treasury stock transactions. 2009      (?) June 11 TreasuryStock                              $124,000                   Cash                                                                     124,000                      (?) Aug.10   Cash                                                  53,600                   TreasureStock                                                         49,600                   APIC-TS                                                                   4,000                    (?) Dec.11   Cash                                                 36,000                APIC-TS                                           1,200                    TreasureStock                                                        37,200 Need help with the question (?) marks Jackson Corporation engaged in the following treasury stocktransaction during 2009: June 11 Purchased 2,000 shares of treasury stock at $62 pershare. Aug 10 Reissued 800 shares of the treasury stock acquired onJune 11 at a price of $67 per share Dec 11 Reissued 600 shares of treasury stock at a price of $60per share Complete the required 3 general journal entries to recordthese treasury stock transactions. 2009      (?) June 11 TreasuryStock                              $124,000                   Cash                                                                     124,000                      (?) Aug.10   Cash                                                  53,600                   TreasureStock                                                         49,600                   APIC-TS                                                                   4,000                    (?) Dec.11   Cash                                                 36,000                APIC-TS                                           1,200                    TreasureStock                                                        37,200 Need help with the question (?) marks

Explanation / Answer

2009      (?) June 11 TreasuryStock                                                                        $124,000                   Cash                                                                                                              $124,000                Acquired2000 treasury stock shares for $62 per share. _____________________________________________________________________________ Aug.10   Cash                                                                                         $53,600                   TreasureStock                                                                                                $49,600                   APIC-TS                                                                                                         $4,000                   Reissued800 treasury stock shares for $67 per share                   atpremium $5 per share _______________________________________________________________________________ Dec.11   Cash                                                 36,000                APIC-TS                                           1,200                    TreasureStock                                                        37,200                Reissued600 treasury stock shares for                $60per share at a discount of $2 per share ________________________________________________________________________________

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