Question - New Beginnings Corporation began 2XXX with the following account balances:
Common stock, $20 par, 100,000 shares authorized, 75,000 issued - $1,500,000
Paid-in capital in excess of par-common - $500,000
Retained earnings - $750,000
In January 2XXX, New Beginnings Corporation reported the following transactions:
Jan. 10 Reacquired 5,000 shares of its own stock for $30 per share.
Jan. 20 Sold 3,000 shares of treasury stock for $33 per share.
Jan. 30 Sold the remaining shares of treasury stock for $22 per share.
How to record the journal entries for the above transactions?