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 |
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