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Prepare journal entries to record treasury stock transaction

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Question - Marks Corporation's stockholders' equity at December 31, 2017, is as follows:

Common stock, $10 par (10,000 shares) $100,000

Paid in Capital in excess of par 3,000

Retained Earnings 197,000

Total Stockholders' Equity $300,000

The following treasury stock transactions occurred during 2018.

Jan. 2   Purchased at $12 per share, 1,000 shares of their own stock.

Feb. 4   Sold 500 shares of treasury stock at $13 per share.

May 10 Sold 500 shares of treasury stock at $8 per share.

Required - Prepare journal entries to record treasury stock transactions in 2018 under the cost method.

Reference no: EM132891571

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