A company reported the following stockholders' equity on January 1 of the current year: Common stock, $10 par, 1,000,000 shares authorized, 250,000 shares issued …………………..$2,500,000Paid-in capital in excess of par, common ………………1,260,000Retained earnings ………………………………………1,675,000Total stockholders' equity …………………..………….$5,435,000Prepare journal entries for the following selected transactions related to this company's stock during the current year:Mar. 1Purchased 10,000 shares of treasury stock for $18 per share.May 5Sold 4,000 shares of treasury stock for $16 per share.Oct. 12Sold 2,000 shares of treasury stock for $19 per share.
What will be an ideal response?
| Mar. 1 | Treasury Stock…………………………… | 180,000 | ? |
| ? | Cash (10,000 shares * $18)………….. | ? | 180,000 |
| ? | ? | ? | ? |
| May 5 | Cash (4,000 shares * $16)………………... | 64,000 | ? |
| ? | Retained Earnings……………………… | 8,000 | ? |
| ? | Treasury Stock (4,000 shares * $18)… | ? | 72,000 |
| ? | ? | ? | ? |
| Oct. 12 | Cash (2,000 shares * $19)………………... | 38,000 | ? |
| ? | Treasury Stock (2,000 * $18)………... | ? | 36,000 |
| ? | Paid-in Capital, Treasury Stock………. | ? | 2,000 |
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