On january 1 the sanders corporation had 1000 shares of 10

Reference no: EM13586011

On January 1, the sanders corporation had 1,000 shares of $10 par common stock authorized and outstanding. These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of $75 per share. During the year the following stock transactions occurred:

1. March 3: Sanders corporation reacquired 100 shares of its own common stock at a cost of $22 per share.

2. April 27: It sold 25 shares of the stock on March 3 for $25 per share.

3. July 10: It sold 25 shares of the stock acquired on March 3 for $20 per share.

4. October 12: It retired the remaining shares acquired on March 3.

Required: Prepare journal entries to record the treasury stock transactions of Sanders Corporation assuming it uses the cost method.

Reference no: EM13586011

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