Use the cost method to account for the purchase of treasury

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Reference no: EM131213208

Recording Stock Transactions Irons Incorporated entered into the following stock transactions: Apr. 5 Issued 28,500 shares of $3 par value common stock for $171,000. May 31 Purchased 1,010 shares of treasury stock for $50,100. Oct. 1 Issued 3,700 shares of $36 par value preferred stock for $59 per share. Required: Prepare the journal entries to record the transactions. Use the cost method to account for the purchase of treasury stock. For compound journal entries, if an amount box does not require an entry, leave it blank or enter "0".

Reference no: EM131213208

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