Current Attempt in Progress
On January 1, 2020, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in
capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions
occurred.
Mar. 1 Purchased 50,000 shares for cash at $15 per share.
July 1 Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 8,000 treasury shares for cash at $14 per share.
(a)
Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
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rafikiedu08 rafikiedu08 · Answer 1 · 2022-08-31T14:37:01+02:00

Currently Making an Attempt:

According to Newlin Corporation's shareholders' equity section as of January 1, 2020, common stock ($5 par value) was paid-in at $1,500,000.

$1,000,000 in excess of par capital and $1,200,000 in retained profits The following Treasury stock transactions occurred throughout the year.

occurred.

1 March: Paid cash for 50,000 shares at a price of $15 each.

On July 1st, 10,000 Treasury shares were sold for cash for $17 each.

1st of September: Cash sale of 8,000 Treasury shares at a price of $14 each.

Journal entry for treasury stock transactions is shown below: [See below in attachment]

2. The entry for September 1, assuming the treasury shares were sold at $12 per share is shown below: [See below in attachment]

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