Concord Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Concord reacquired 114 shares at $89 per share. On September 1, Concord reissued 61 shares at $94 per share. On November 1, Concord reissued 53 shares at $85 per share. Prepare Sprinkle.

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Business

Melody

3 September, 00:41

Concord Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Concord reacquired 114 shares at $89 per share. On September 1, Concord reissued 61 shares at $94 per share. On November 1, Concord reissued 53 shares at $85 per share. Prepare Sprinkle.

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Amiah Navarro · Answer 1

There convincing indications in the questions that suggest that the requirement is to prepare journal to record the transactions.

Find all the journal entries in the explanation section below

Explanation:

The re-acquisition of 114 shares on July 1,2020, gave rise to the below journal

Dr treasury stock (114*$89) $10146

Cr Cash $10146

Being payment made for stocks reacquired

The issuance of 61 shares at the price of $94 each gave rise to the below journal:

Dr Cash $5734

Cr Treasury stock ($89*61) $5429

Cr paid-in capital $305

Being receipt of cash on shares issued

The issuance of additional shares on November 1,2020, gave rise to below journal:

Dr Cash (53*$85) $4505

Dr Paid-in capital ($89-$85) * 53 $212

Treasury stock $4717

Being receipt of cash on shares issued