Culver Corporation purchased from its stockholders 6,000 shares of its own previously issued stock for $306,000. It later resold 1,975 shares for $54 per share, then 1,975 more shares for $49 per share, and finally 2,050 shares for $43 per share.1. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

Culver Corporation purchased from its stockholders 6,000 shares of its own previously issued stock for $306,000. It later resold 1,975 shares for $54 per share, then 1,975 more shares for $49 per share, and finally 2,050 shares for $43 per share.1. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
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