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Evert Company recently acquired 5,000 shares of its $2 par value common stock for $10 per share. Evert initially issued the stock for $7.50 per share.
Required:
Problem 1: Assuming the shares were purchased as treasury shares, prepare the necessary journal entry to record the purchase of the 5,000 shares. Continuing with the assumption that the shares were purchased as treasury shares, prepare the journal entry to record the sale of 2,500 shares of the treasury stock for $11.50 per share.
Problem 2: Continuing with the assumption that the shares were purchased as treasury shares, prepare the journal entry to record the subsequent sale of 2,000 shares of treasury stock for $9.75 per share. Assuming the shares were purchased and retired, prepare the journal entry to record the retirement of the shares.
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