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The Meta Corporation has 40,000 shares of $5 par value common stock outstanding at December 31, 2019. All shares were issued in 2018 at $9 per share. The balance in Retained Earnings at December 31, 2019 is $100,000.
REQUIRED:
Question 1: Prepare the journal entries for the following transactions that occurred in 2020. Use the cost method (first-in-first-out) of accounting for treasury stock.
(a) January 4: Purchased 10,000 shares of common stock for $11 per share to hold as treasury stock.
(b) January 31: Sold 2,000 shares of treasury stock for $10 per share.
(c) June 30: Sold 4,000 shares of treasury stock for $14 per share.
(d) October 31: Sold 3,000 shares of treasury stock for $8 per share
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