PROBLEM 9 (8 points) Prepare the general journal entries to record these treasur

Question

PROBLEM 9 (8 points) Prepare the general journal entries to record these treasury stock transactions a) Jackson Corporation reacquires 1,800 of its own $5 par common shares in the open market at $100 per share. b) Jackson Corporation reissued 1,000 shares of the treasury stock originally purchased for $100 per share. The shares were reissued at $125 per share. stock originally purchased for $100 per share. The shares were reissued at $90 per share. c) Jackson Corporation reissued 500 shares of the treasury

Explanation / Answer

a) Purchase of shares:
Treasury stock $180000
   Cash $180000

b) Reissue of shares@125
Cash $125000
   Treasury stock $100000
   Paid in capital $25000

c) Reissue of shares@90
Cash $45000
Paid in capital $5000
Treasury stock $50000

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