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Prepare journal entries for each of the transactions

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Question - Several years ago, Douglas Company issued 33,000 shares of its $1 par value common stock for $18 per share. In the current year, Douglas's board of directors approves a plan to buy back a portion of these common stock shares. Prepare journal entries for each of the following transactions and events.

1. On Monday, Douglas buys back 2,500 shares for $35 per share.

2. On Tuesday, Douglas reissues 1,000 shares of treasury stock for $37 per share.

3. On Wednesday, Douglas reissues 500 shares of treasury stock for $34 per share.

4. On Thursday, Douglas reissues 600 shares of treasury stock for $28.

5. On Friday, the board of directors declares a cash dividend of $1.00 per share.

Reference no: EM133187292

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