Record the following transactions of Naches Corporation in general journal form: (a) Reacquired 8,000 of its own $3 par value common stock at $20 cash per share. The stock was originally issued at $15 per share.(b) Sold 2,000 shares of the stock reacquired under part (a) at $23 cash per share.(c) Sold 3,000 shares of the stock reacquired under part (a) at $19 cash per share.
What will be an ideal response?
(a) | Treasury Stock (8,000 * $20) | 160,000 | ? |
? | Cash | ? | 160,000 |
(b) | Cash (2,000 * $23) | 46,000 | ? |
? | Treasury Stock (2,000 * $20) | ? | 40,000 |
? | Paid-in Capital, Treasury Stock | ? | 6,000 |
(c) | Cash (3,000 * $19) | 57,000 | ? |
? | Paid-in Capital, Treasury Stock | 3,000 | ? |
? | Treasury Stock (3,000 * $20) | ? | 60,000 |
You might also like to view...
The Internet has changed the world. Web 2.0:
A) transformed traditional retailing by selling goods and services over the Internet B) offered consumers a way to communicate with each other through e-mail C) creates online communities that connect buyers and sellers in new ways D) provided businesses with an opportunity to advertise effectively on the Internet
What is viral marketing? Please provide an example
What will be an ideal response?
Consider the Demand for Microwave Ovens dataset. What is the total demand corresponding to random numbers 82, 22, 86, 26, 13, and 79?
a. 12
b. 7
c. 10
d. 11
Row 2707 has the mask /16 and the reliability metric 20. Row 4400 has the mask /16 and the reliability metric 10. Which row will the router choose if both are matches?
A) 2707 B) 4400 C) either A or B D) The router will choose the default row.