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Prepare journal entries for the treasury stock transactions

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Reference no: EM132494567

Wonder Ltd. has treasury stock transactions in 20X9 as follows:

a. Feb. 27 - Purchased 140,000 common shares as treasury stock at $6.50 per share.

b. March 15 - Purchased 64,000 common shares as treasury stock for $5.50 per share.

c. April 30 - Reissued 100,000 shares of treasury stock for $4.25 per share.

d. May 16 - Purchased 54,000 common shares as treasury stock for $6.05 per share.

e. Nov. 26 - Reissued 268,000 shares of treasury stock for $4 per share.

At the end of 20X8, Wonder Limited had reported the following in shareholders' equity:

Common shares, no-par value; authorized, unlimited shares; issued, 5,800,000 shares, outstanding, 5,500,000 shares   $ 21,117,000

Contributed capital on treasury stock transactions                                                                                                   133,600

Retained earnings                                                                                                                                             14,840,000

Treasury stock, 300,000 common shares                                                                                                                     (1,260,000)

Question 1. Prepare journal entries for the treasury stock transactions.

Question 2. Calculate the balances in the equity accounts, after the effects of the transactions in requirement 1.

Reference no: EM132494567

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