Maurice Tutor

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Category > Accounting Posted 16 Aug 2017 My Price 9.00

Rolex Company

treasury stock

P5. Rolex Company was involved in the following treasury stock transactions during 2014:

a.     Purchased 80,000 shares of its $1 par value common stock on the market for $2.50 per share.

b.     Purchased 16,000 shares of its $1 par value common stock on the market for $2.80 per share.

c.      Sold 44,000 shares purchased in (a) for $131,000.

d.     Sold the other 36,000 shares purchased in (a) for $72,000.

e.      Sold 6,000 of the remaining shares of treasury stock for $1.60 per share.

f.      Retired all the remaining shares of treasury stock. All shares originally were issued at

$1.50 per share.

 

reQUIreD

1.    Record the treasury stock transactions using T accounts.

2.    aCCounting ConneCtion ▶ What is the reasoning behind treating the purchase of treasury stock as a reduction in stockholders’ equity as opposed to treating it as an investment asset?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 11:08 PM My Price 9.00

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