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Question - Notsogood Inc. has an outstanding share capital made up of 200,000 shares of common stock of $5 par which was sold at the market price of $6 per share. The following transactions took place subsequently.
2011
Sept. 10. The company purchased 1000 shares of its common stock on the market at a price of $50 per share.
Oct. 12. The company sold 400 shares of treasury stock for $60 per share.
Nov. 15. 300 shares of treasury stock were sold for $40 per share.
Dec. 10. Declared a cash dividend of $0.20 per share on the outstanding common shares as on that date.
Dec. 15. Paid the dividend declared on Dec. 10th.
Dec 28. Retired the balance of the treasury stock.
Required - Show the necessary journal entries to record the above transactions.
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