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Prepare the journal entries to record the treasury stock

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Question - Bramble Company had the following stockholders' equity as of January 1, 2020.

Common stock, $5 par value, 21,100 shares issued $105,500 Paid-in capital in excess of par-common stock 304,000 Retained earnings 317,000 Total stockholders' equity $726,500

During 2020, the following transactions occurred.

Feb. 1 Bramble repurchased 2,020 shares of treasury stock at a price of $21 per share.

Mar. 17 40 shares of treasury stock repurchased above were reissued at $19 per share.

Mar. 18 520 shares of treasury stock repurchased above were reissued at $14 per share.

Apr. 22 550 shares of treasury stock repurchased above were reissued at $23 per share.

Required -

1. Prepare the journal entries to record the treasury stock transactions in 2020, assuming Bramble uses the cost method.

2. ?Prepare the stockholders' equity section as of April 30, 2020. Net income for the first 4 months of 2020 was $121,200.

Reference no: EM132520695

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