Before Vaughn Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock $100,500 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Common Stock Retained Earnings $285,300 $73,200 a. Bought 390 shares of treasury stock at $42 per share. b. Bought 280 shares of treasury stock at $47 per share. C. Sold 340 shares of treasury stock at $44 per share. d. Sold 110 shares of treasury stock at $40 per share. No. Account Titles and Explanation a. Debit 1000 Credit
Before Vaughn Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock $100,500 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Common Stock Retained Earnings $285,300 $73,200 a. Bought 390 shares of treasury stock at $42 per share. b. Bought 280 shares of treasury stock at $47 per share. C. Sold 340 shares of treasury stock at $44 per share. d. Sold 110 shares of treasury stock at $40 per share. No. Account Titles and Explanation a. Debit 1000 Credit
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 20BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...
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