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Prepare the journal entries for the repurchase

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Reference no: EM133008823

Question - Swifty Corporation has 702,000 shares outstanding. The shares have an average cost of $40 per share. On September 5, 2020, the company repurchases 2,000 of its own shares at $75 per share and does not cancel them. The shares are classified as treasury shares. On November 20, 2020, the company resells 1,500 of the treasury shares at $79 per share. Prepare the journal entries for the repurchase and subsequent sale of the treasury shares.

Reference no: EM133008823

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