Question Details

Journalize the treasury stock transactions.



On January 1, 2013, the stockholders’ equity section of Nance Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.
Mar.	1   Purchased 30,000 shares for cash at $20 per share.
July	1   Sold 6,000 treasury shares for cash at $27 per share.
Sept.	1   Sold 5,000 treasury shares for cash at $19 per share.

Instructions
(a)	Journalize the treasury stock transactions.
(b)	Restate the entry for September 1, assuming the treasury shares were sold at $10 per share.





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