[The following information applies to the questions displayed below. The followi

Question

[The following information applies to the questions displayed below. The following selected transactions occurred for Corner Corporation: Purchased 460 shares of the company's own common stock at $26 cash per share; the stock is now held in treasury. Issued 130 of the shares purchased on February 1 for $36 cash per share. Issued 90 more of the shares purchased on February 1 for $21 cash per share. Feb. 1 July 15 Sept. 1 2 2. Prepare the indicated journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of 460 shares of previously issued common stock for a price of $26 per share Note: Enter debits before credits. Date General Journal Debit Credit Feb. 1 Record entry Clear entry View general journal

Explanation / Answer

Answers

Date

General Journal

Debit

Credit

Feb-01

Treasury Stock [460 shares x $26]

$                    11,960.00

Cash

$                    11,960.00

(shares re purchased)

Jul-15

Cash [130 shares x $36]

$                       4,680.00

Treasury Stock [130 shares x $26]

$                       3,380.00

Additional Paid In Capital - Treasury Stock [130 shares x (36-26)]

$                       1,300.00

(treasury shares re issued)

Sep-01

Cash [90 shares x $21]

$                       1,890.00

Additional Paid In Capital - Treasury Stock [90 shares x (26 - 21)]

$                          450.00

Treasury Stock [90 shares x $26]

$                       2,340.00

(treasury shares re issued)

Date

General Journal

Debit

Credit

Feb-01

Treasury Stock [460 shares x $26]

$                    11,960.00

Cash

$                    11,960.00

(shares re purchased)

Jul-15

Cash [130 shares x $36]

$                       4,680.00

Treasury Stock [130 shares x $26]

$                       3,380.00

Additional Paid In Capital - Treasury Stock [130 shares x (36-26)]

$                       1,300.00

(treasury shares re issued)

Sep-01

Cash [90 shares x $21]

$                       1,890.00

Additional Paid In Capital - Treasury Stock [90 shares x (26 - 21)]

$                          450.00

Treasury Stock [90 shares x $26]

$                       2,340.00

(treasury shares re issued)

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