I believe I\'m following directions accuarately. I\'m having trouble with \"sale

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I believe I'm following directions accuarately. I'm having trouble with "sale of treasury stock below cost".

% https://edugenwileyplus.com/edugen/shared/assignment/ E 90 Print by: Kathy Elflein ACCT 101 #42351 M/w 6:00pm (Fall 2017):ACCT 101 #42351 M/W 6:00pm (Fall 2017) / Ch 11 Problems "Exercise 11-7 Your answer is partially correct. Try again. nehart Corporation purchased from its stockholders 5,200 shares of its own previously issued stock for $254,800. It later resold 1,825 shares for $52 per share, then 1,825 more shares for $47 per share, and finally 1,550 shares for $41 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of t (Credit account titles are automatically indented when amount is ent ered. Do not indent f no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation 5480 reasury Stock 254800 (To record purchase from stockholders.) 94900 ash Treasury Stock ai 9425 475 d-in Capital from Treasury Stock To record sales of shares at $52 per share.) 5775 aid-in Capital from Treasury Stock3650 1789425 Treasury Stock To record sales of shares at $47 per share.) : 163550 as Paid-in Capital from Treasury Stock 9125 etained Earnings Treasury Stock To record sale of shares at $41 per share.) 191250 11256350

Explanation / Answer

Acount titles And explanation debit Credit 1 Treasury Stock A/c 254800        To Cash A/c 254800 (To record purchase from Stock holders ) purchase price of treasury stock =$254800/5200=$49 2 Cash A/c   (1825*$52) 94900        To Treasury Stock A/c (1825*$49) 89425         To paid in Capital from treasury Stock A/c (94900-89542) 5475 (To record Sales of Shares at $52 per share) 3 Cash A/c   (1825*$47) 85775 paid in Capital from treasury Stock A/c 3650        To Treasury Stock A/c (1825*$49) 89425 (To record Sales of Shares at $47 per share) 4 Cash A/c   (1550*$41) 63550 paid in Capital from treasury Stock A/c 1825 Retained earnings 10575        To Treasury Stock A/c (1550*$49) 75950 (To record Sales of Shares at $41 per share) Loss on Sale of treasury Stock 1550 shares at $41 =$75950-63550 =$12400 Balance in   paid in Capital from treasury Stock A/c =$5475-3650 =$1825 remaining loss to be debited to retained earnings =$12400-$1825 =$10575

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