Prepare journal entries to record treasury stock

Assignment Help Accounting Basics
Reference no: EM132889118

Problem - Treasury Stock, Cost Method On January 1, Lorain Corporation had 2,000 shares of $5 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: Lorain reacquired 100 shares of its own common stock at a cost of $24 per share.

2. April 27: It sold 25 shares of the common stock acquired on March 3 for $33 per share.

3. July 10: It sold 25 shares of the common stock acquired on March 3 for $22 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 Lorain, assuming it uses the cost method.

Reference no: EM132889118

Questions Cloud

Examine the influence that hr professionals : The benefits and challenges associated with unionization have long been debated. Further, it has been suggested that the rise of HR management has moderated
Prepare the Contributed Capital section : Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes
What was your favorite aspect of hris : 1. What was your favorite aspect of HRIS? Why?
Apply your skills-case for critical analysis : Ethney Gentry was thrilled to have infiltrated the ultimate "good old boy" network, landing a job with a mid-size, Tulsa-based oil company.
Prepare journal entries to record treasury stock : Prepare journal entries to record the treasury stock transactions of Lorain, assuming it uses the cost method
What are the advantages of a grievance process : 1. What are the advantages of a grievance process? What disadvantages do you see with a formalized grievance process?
Prepare memorandum and journal entries : Sells 1,000 shares of common stock at $47 per share. Prepare memorandum and journal entries to record the preceding transactions
Context of developmental activity supporting individuals : For developmental activity to be deemed strategic, organisations need to shift the focus from ''training'' to a learning approach. Discuss this preposition in t
Identify two examples of real world problems : Identify two examples of real world problems that you have observed in your personal, academic, or professional life that could benefit from data driven solutio

Reviews

Write a Review

Accounting Basics Questions & Answers

  Part wy4 costs the eastern division of tyble corporation 26

part wy4 costs the eastern division of tyble corporation 26 to make-direct materials are 10 direct labor is 4 variable

  The company is in the process of preparing a cash budget

mitchell company had the following budgeted sales for the last half of last yearcash salescredit salesnbspnbspjuly70000

  Relationship between different factors and sample size

For each of the following independent sets of conditions, determine the appropriate sample size for the examination of Warner's accounts receivable in MUS.

  Determine the correct amount of inventory

December 27, FOB destination, that will be received by Concord on January 3. Determine the correct amount of inventory that Concord should report.

  Reported ticket revenue was 2 200000 is the difference

the auditors for weston university are conducting their audit for the fiscal year ended december 31

  Journal entries to correct the cash account

Journal entries to correct the cash account

  Bank reconciliation-journal entries of fitzgerald company

The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. Prepare a bank reconciliation for the month of October. Prepare the necessary..

  Find how much may harry deduct as travel expenses for trip

The cost of meals and lodging while on vacation was $300 and $500, correspondingly. Find how much may Harry deduct as travel expenses for trip?

  During the year just ended morton company made the

during the year just ended morton company made the following expenditures relating to its plants building continuing

  Calculate the amount of the right-of-use asset

Calculate the amount of the right-of-use asset and lease liability. Round all numbers to the nearest cent. Discuss the nature of the lease to the lessee

  Considering depreciation recapture

Straight-line depreciation for the same holding period would have been $300,000. What is the maximum unrecaptured § 1250 gain from this disposition after considering depreciation recapture?

  What is the effect on Xiang net employment income

What is the effect on Xiang's net employment income, that is, calculate the taxable benefit that would be added to Xiang net employment income for tax purposes

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd