Response to the following :
Accounting for Sale of Treasury Stock at Price Higher than Cost
Refer to the data in problem. The company resells 400 shares of treasury stock for $40 per share. Make the necessary journal entry(ies) to record this transaction.
Problem:
Accounting for Stock Repurchases
The company repurchased 1,500 shares of $1 par-value common stock for $32 per share from the open market. Make the necessary journal entry(ies) to record this transaction.