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Prepare the journal entries in the par value method

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Reference no: EM132641001

Problem 1: How would prepare these journal entries in the "Par Value Method"?

Treasury Stock Transactions. On March 15 Chief Company acquired 20,000 shares of its own $2 par value common shares at a cost of $17 per share. Chief had originally issued the shares at $12 per share. On July 5, Chief sold 7,000 of the shares in the open market at $20 per share. On October 19. Chief sold the remaining shares at $8. Prepare the journal entries to record the acquisition and sale of treasury shares.

Reference no: EM132641001

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