Final 9 - Poe's Products uses the cost method Problem#9...

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Question 9 Needs Grading In 2011, Poe's  Products  completed the  treasury stock  transactions  described  below.  January 2:  Reacquired 10  million shares  at $16 per  share.  February 15:  Sold 3 million  treasury  shares at $20  per share.  September 20:  Sold 3 million  treasury  shares at $15  per share.  Poe had  issued 50  million shares  of its $1 par  common stock  for $18 several  years ago.  Required Prepare the  journal entries  required for  the above 
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transactions  (in proper  format),  assuming that 
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Unformatted text preview: Poe's Products uses the cost method. Problem #9: General Journal ($ in million, except per share amounts) Date Account Dr Cr Jan. 2, 2011 Treasury stock (10 x $16) 160 Cash (10 x $16) 160 Feb. 15, 2011 Cash (3 x $20) 60 Treasury stock (3 x $16) 48 Paid-in capital-share repurchase 12 Sept. 20, 2011 Cash (3 x $15) 45 Paid-in capital-share repurchase 3 Treasury stock (3 x $16) 48...
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This note was uploaded on 02/29/2012 for the course INTERMEDIA 301 taught by Professor ?? during the Spring '12 term at Post.

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Final 9 - Poe's Products uses the cost method Problem#9...

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