Questions 8-11ipt E11-8 Recording Treasury Stock Transactions and Analyzing Thei

Question

Questions 8-11ipt E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact ILo 112, LO 11.3 The following information applies to the questions displayed below/ The following selected transactions occurred for Corner Corporation: Feb.1 Purchased 520 shares of the company's own common stock at $32 cash per share; the stock is now held in treasury July 15 Issued 160 of the shares purchased on February 1 for $42 cash per share Sept.1 Issued 120 more of the shares purchased on February 1 for $27 cash per share References E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 112, LO 11-3] Section Break

Explanation / Answer

1) Assets liabilities Stockholders equity 1-Feb cash -16640 Treasury stock -16,640 15-Jul cash 6720 Treasury stock 5,120 paid in capital in excess of par 1600 of par -TS 1-Sep cash 3240 Treasury stock 3,840 paid in capital in excess of par -600 of par -TS 2) Date General Journal Debit Credit 1-Feb Treasury stock 16,640 cash 16,640 15-Jul Cash 6,720 Common stock 5,120 paid in capital in excess of par -TS 1,600 1-Sep cash 3,240 paid in capital in excess of par-TS 600 Treasury stock 3,840

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