Dharma Corporation's balance sheet reported the following: Capital stock outstanding, 5,000 shares, par $30 per share Paid-in capital in excess of par Retained earnings $150,000 80,000 100,000 The following transactions occurred this year:
Purchased 400 shares of capital stock to be held as treasury stock, paying $60 per share. (a) Sold 300 of the shares of treasury stock at $65 per share. (b) Sold the remaining shares of treasury stock at $50 per share. (c) Prepare the journal entry for these transactions under the cost method of accounting for treasury stock. The original sale of the $50 par value common shares of Super Company was recorded as follows: Cash 290,000 Common Stock.. 250,000 40,000 Paid-in Capital in Excess of Par Record the treasury stock transactions [given below] under the cost method: Transactions: Bought 600 shares of common stock as treasury shares at $62 (a) Sold 180 shares of treasury stock at $60 (b) Sold 90 treasury shares at $68. (c) Get Accounting homework help today
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