Computation of gain or loss on sale of investments

Reference no: EM1310838

Computation of gain or loss on sale of investments and Journal entries to record purchase & sale of company's Common & Treasury stocks.

Jan 1 of the current year reports-

Common stock $10 par value, 1,000,000 shares authorized, 400,000 shares issued 4,000,000

Contributed Cap in excess par, common 1,200,000

Retained earnings 1,600,000

Prepare journal entries for the following selected transactions related to this company's stock during the current year

Mar 1. Purchased 10,000 shares of treasury stock for $17 per share

May 5 Sold 4,000 shares of treasury stock for $16 per share

Oct 12 sold 2,000 treasury stock of $18 per share

Reference no: EM1310838

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