Solution-How to record the journal entries for the

How to record the journal entries for the transactions

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Reference no: EM131714922

Question - New Beginnings Corporation began 2XXX with the following account balances:

Common stock, $20 par, 100,000 shares authorized, 75,000 issued - $1,500,000

Paid-in capital in excess of par-common - $500,000

Retained earnings - $750,000

In January 2XXX, New Beginnings Corporation reported the following transactions:

Jan. 10 Reacquired 5,000 shares of its own stock for $30 per share.

Jan. 20 Sold 3,000 shares of treasury stock for $33 per share.

Jan. 30 Sold the remaining shares of treasury stock for $22 per share.

How to record the journal entries for the above transactions?

Reference no: EM131714922

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