ch15 - method. (b) 18,000 shares of treasury stock are...

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Name: __________________________ Problem chapter 15 1. Treasury stock. In 2009, Pennington Co. issued 120,000 of its 500,000 authorized shares of $15 par value common stock at $28 per share. In January, 2010, Pennington repurchased 25,000 shares at $20 per share. Assume these are the only stock transactions the company has ever had. Instructions (a) Prepare the journal entry to record the purchase of treasury stock by the cost
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Unformatted text preview: method. (b) 18,000 shares of treasury stock are reissued at $21 per share. Prepare the journal entry to record the reissuance by the cost method. (c) 5,000 shares of treasury stock are reissued at $12 per share. Prepare the journal entry to record the reissuance by the cost method. (d) The remaining 2,000 shares are retired. Prepare the journal entry to record the retirement....
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This note was uploaded on 03/27/2012 for the course ACCT 3321 taught by Professor Chambers during the Spring '09 term at Texas A&M University, Corpus Christi.

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