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Prepare the journal entry for these transactions

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Reference no: EM132671998

Question - Bramble Corp.'s balance sheet reported the following:

Capital stock outstanding, 8,500 shares, par $30 per share $255,000

Paid-in capital in excess of par 83,900

Retained earnings 108,500

The following transactions occurred this year:

(a) Purchased 190 shares of capital stock to be held as treasury stock, paying $56 per share.

(b) Sold 140 of the shares of treasury stock at $61 per share.

(c) Sold the remaining shares of treasury stock at $49 per share.

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

Reference no: EM132671998

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