Reference no: EM132870300
Question - In 2021, Southwestern Corporation completed the treasury stock transactions listed below.
February 2: Reacquired 62,000 shares at $11.20. March 17: Sold 12,000 shares at $13.60. May 17: Sold 17,000 shares at $7.60.
Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.
Required - Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1) February 02, 2021 (Reacquired 62,000 shares at $11.2.)
2) March 17, 2021 (Sold 12,000 shares at $13.6.)
3) March 17, 2021 (Sold 17,000 shares at $7.6.)