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CengageNOW v2] Onlinr × engagenow.com/ilm/takeAssi gnment/takeAssignmentMain.do?invoker assignme takeAssignmentsessiontocator #assignment-take&inprogress-false; Calculator On April 2 a corporation purchased for cash 7,000 shares of its own11 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 3000 shares were sold on November 10 for $23 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost) Apr 2 b. Journalize the entries to record the sale of the stock. if an amount box does not require an entry, leave it blank Jun. 10 Nov. 10 Pre

Explanation / Answer

a) 2-Apr Treasury stock 189000 cash (7000*27) 189,000 b) 10-Jun cash (4000*30) 120000 Treasury stock (4000*27) 108000 paid in capital in excess of par-TS 12000 10-Nov Cash (3000*23) 69000 paid in capital in excess of par 12,000 Treasury stock (3000*27) 81000

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