On july 1 chesapeake corporation purchases 550000 shares of

Reference no: EM13585910

On July 1, Chesapeake Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share. The balance in the retained earnings account is $6,345,000.

Instructions: Journalize the two treasury stock transactions.
Image text transcribed for accessibility On July 1, Chesapeake Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share. The balance in the retained earnings account is $6,345,000.

Reference no: EM13585910

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