Blue Spruce Corporation has 740,000 shares outstanding. The shares have an average cost of $46 per...
Blue Spruce Corporation has 740,000 shares outstanding. The
shares have an average cost of $46 per share. On September 5, 2020,
the company repurchases 1,600 of its own shares at $80 per share
and does not cancel them. The shares are classified as treasury
shares. On November 20, 2020, the company resells 1,300 of the
treasury shares at $85 per share.
Prepare the journal entries for the repurchase and subsequent sale
of the treasury shares.
Homework Answers
| Date | General Journal | Debit | Credit |
| September - 05 | Treasury stock (1,600 × 80) | 128,000 | |
| Cash | 128,000 | ||
| (to record purchase of treasury stock) | |||
| November - 20 | Cash (1,300 × 85) | 110,500 | |
| Treasury stock (1,300 × 80) | 104,000 | ||
| Paid in capital from treasury stock (110,500 - 104,000) | 6,500 | ||
| (to record sale of treasury stock) |
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Blue Spruce Corporation has 740,000 shares outstanding. The
shares have an average cost of $46 per...
On January 1, 2020, the stockholders’ equity section of Blue Spruce Corporation shows common stock ($4...
On January 1, 2020, the stockholders’
equity section of Blue Spruce Corporation shows common stock ($4
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treasury stock transactions occurred.
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Blue Spruce Corporation was organized on January 1, 2020. It is authorized to issue 12,000 shares...
Blue Spruce Corporation was organized on January 1, 2020. It is
authorized to issue 12,000 shares of 8%, $100 par value preferred
stock, and 462,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were
completed during the first year.
Jan.
10
Issued 77,000 shares of common stock for cash at $6 per
share.
Mar.
1
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Apr.
1
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authorized to issue 12,000 shares of 8%, $100 par value preferred
stock, and 462,000 shares of no-par common stock with a stated
value of $3 per share. The following stock transactions were
completed during the first year.
Jan.
10
Issued 77,000 shares of common stock for cash at $6 per
share.
Mar.
1
Issued 5,500 shares of preferred stock for cash at $110 per
share.
Apr.
1
Issued 25,000...
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