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Journalize the entries to record the purchase

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Reference no: EM132990013

Problem - On April 2 a corporation purchased for cash 6,000 shares of its own $11 par common stock at $26 a share. It sold 4,000 of the treasury shares at $29 a share on June 10. The remaining 2,000 shares were sold on November 10 for $22 a share.

Required -

a. Journalize the entries to record the purchase (treasury stock is recorded at cost).

b. Journalize the entries to record the sale of the stock.

Reference no: EM132990013

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