Seplei recölu llill tcibes cash. On $28,000. Prepare the journal entries to show

Question

Seplei recölu llill tcibes cash. On $28,000. Prepare the journal entries to shown in the following journal entries: (I) issued common stock fo0 chased treasury shares at $25 per share, and (3) sold some of the treasury shars.Per Share, (20 I. Cash 2 put 11-13A. Stock Issuance and Treasury Stock Century, Inc, recorded certain capital s Pur. 500,000 Common stock Paid -in capital in excess of par value 75,000 425,000 100,000 2. Treasury stock 100,00 Cash 81,000 3. Cash Treasury stocik Paid-in capital from treasury stock 75,000 6,000 a. How many shares were originally issued? b. What was the par value of the shares issued? c. How many shares of treasury stock were acquired? d. How many shares of treasury stock were sold? e. At what price per share was the treasury stock sold?

Explanation / Answer

a Shares originally issued=500000/20 = 25000 b Par value of shares = 75000/25000 = $3 c Shares of treasury stock acquired=100000/25 = 4000 d Shares of treasury stock sold = 75000/25 = 3000 e Price per share = 81000/3000 = $27

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