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Prepare the journal entry for these transactions

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Question - Treasury stock

Agler Corporation's balance sheet reported the following:

  Capital stock outstanding, 5,000 shares, par $30 per share $150,000
  Paid-in capital in excess of par 80,000
  Retained earnings 100,000

The following transactions occurred this year:

(a) Purchased 200 shares of capital stock to be held as treasury stock, paying $60 per share.
(b) Sold 150 of the shares of treasury stock at $65 per share.
(c)

Sold the remaining shares of treasury stock at $50 per share.

Instructions - Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.

Reference no: EM131734686

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