Question: Jan 1 of the current year reports:
Common stock USD 10 par value, 1,000,000 shares authorized, 400,000 shares issued 4,000,000
Contributed Cap in excess par, common 1,200,000
Retained earnings 1,600,000
Make a journal entries for the following selected transactions related to this company’s stock during the year
Mar 1. Purchased 10,000 shares of treasury stock for USD 17 per share
May 5 Sold 4,000 shares of treasury stock for USD 16 per share
Oct 12 sold 2,000 treasury stock of USD 18 per share