Reference no: EM13823307
ABC Corporation had the following Balance Sheet:
Paid-in-Capital:
Common Stock (($4-par, 200,000 shares authorized,
150,000 shares issued and outstanding) …………………….$ 600,000
Paid-in Capital in excess of par……………………………… 375,000
Earned Capital:
Retained Earnings……………………………………………. 365,000
Prepare journal entries to record the following transactions:
a. Purchased 24,000 shares of its own stock for $168,000.
b. Sold 4,000 shares of the Treasury stock for $9 per share.
c. Sold 14,000 shares of the Treasury stock for $6 per share.
d. Sold the remaining 6,000 shares of Treasury stock for $7 per share.
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