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Category > Accounting Posted 21 Aug 2017 My Price 7.00

West Company

E16-18 Treasury Stock, Cost and Par Value Methods On January 1 the West Company had outstanding 10,000 shares of $10 par common stock, which had been originally issued at an average price of $35 per share. During the year the company engaged in the following treasury stock  transactions:

1.      Reacquired 1,000 shares of its common stock for $33 per share.

2.      Reissued 600 shares of the treasury stock for $35 per share.

3.      Reissued 300 shares of the treasury stock for $32 per share.

4.      Retired the remaining 100 shares of treasury stock.

Required

Prepare journal entries to record the preceding treasury stock transactions for West Company assuming it uses (1) the cost method and (2) the par value  method.

Answers

Maurice Tutor
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Status NEW Posted 21 Aug 2017 03:08 PM My Price 7.00

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