1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vladimir1956 [14]
3 years ago
6

Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 750 shares of its outstanding common stock for

$9 per share. On March 1, 2019, Destiny sells 270 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 480 shares of its treasury stock for $6 per share.
Required:
Prepare the journal entries to record these transactions.

2019 Feb. 1
Treasury Stock
Cash
(Record purchase of treasury shares) Mar. 1
Cash
Treasury Stock
Additional Paid-In Capital - Treasury Stock
(Record reissue of treasury shares) May 10
Cash
Additional Paid-In Capital - Treasury Stock
Retained Earnings
Treasury Stock (Record reissue of treasury shares)
Business
2 answers:
dsp733 years ago
7 0

Journal entry:

Feb-1:  Dr Treasury stock ( 750*9)   6750

                     Cr Cash                                 6750

               (To record purchase of treasury stock)

March-1: Dr Cash ( 270*12)    3240

                          Treasury stock    ( 270* 9)   2430

                           Paid up capital                     810

               (To record sale of shares above cost)

March-10 : Dr Cash (480 * 6)      2880

                 Dr Paid up capital     1440

                            Cr Treasury stock       4320

           (To record sales of shares less cost)

ehidna [41]3 years ago
4 0

Answer:

The necessary journal entries to record the issues and repurchase of common stock are included in the attached spreadsheet

Explanation:

It is noteworthy that the price of $9 is the par value of common stock ,which implies that any issue at a price beyond that has its issue price comprises of the par value of $9 and the remainder as paid-in capital in excess of par value.

Download xlsx
You might be interested in
Sprint Planning is the only occasion where the Development Team estimates the Product Backlog Items A. True, because without est
Amanda [17]

Answer:

true

Explanation:

8 0
3 years ago
Why should your business use Performance Planner?
klasskru [66]

Answer:

The answer is C.It makes recommendations that are validated using machine learning.

Explanation:

A performance planner is a tool used by Google Ads to devise plans in relation to how a business spends on advertising and how changes on advertisement campaigns will affect key metrics and the general performance. It is mostly used as a forecasting tool, with the use of machine learning to show the possibilities or potential outcomes in Google Ads campaigns. This implies that all the conclusions arrived at, are determined by machine learning.

7 0
3 years ago
Market equilibrium is defined as the point where _______________ . (Select all that apply.)
Mrrafil [7]
Quantity supplied equals to quantity demanded.
8 0
3 years ago
Read 2 more answers
WRITE A IMPORTANT SENTANCE ABOUT EACH PARAGRAPH AND NUMBER IT PLS AND ILL GIVE YOU BRAINLIEST....DONT RESTATE THE SENTANCES
erastova [34]

Answer:

1. Omar Ndiaye is a basketball player at Northern Arizona University. He is just as skillful as his teammates, but the only difference is that he plays with one hand.

2. Basketball is a sport with 5 players on the court on each team. Basketball players have to dribble, pass, and shoot, as well as having good reactions and good communication skills. It can be found in Australia, Canada, Germany, Mexico, the U.S., as well as many other countries.

3. The chances of Ndiaye becoming a basketball player was particularly low because he was born without a right hand. But that never stopped him.

4. People are amazed at the things he can accomplish with one hand.

5. As a kid, Ndiaye tried out a lot of sports including, soccer and swimming. He also tried basketball trying to figure out ways on how to play it with one hand.

6. Without thinking too much about how to do it, he just did it.

7. He practiced over and over until it became second nature to him.

8. All the practice did pay off. He was one of the best where he lived. Yet again, people were mesmerized.

11. Ndiaye supported his teammates by being him.

12. When people see Ndiaye working hard with one hand, it motivates them to work harder.

13. He also inspires the kids at youth basketball camps.

14. People questioned Ndiaye about how he did it, he says, "I always let them know if they have confidence in themselves they can do anything."

15. After college, Ndiaye plans to become a motivational speaker because he has a lot to tell people with his story.

Explanation:

Hope this helps. Sorry, it took a while. :)

5 0
3 years ago
Flannery Corporation owns machinery with a book value of $520,000. It is estimated that the machinery will generate future cash
Aleonysh [2.5K]

Answer:

(d)$105,000.

Explanation:

Since the book value is more than the generated future cash flows so book value cannot be recovered. In this case, the generated future cash flows are ignored  

In this scenario, we compare the values between book value and the fair value of machinery, the difference would be the loss on impairment of the asset

In mathematically,  

= Book value of machinery - fair value of machinery

= $520,000 - $415,000

= $105,000

5 0
3 years ago
Other questions:
  • Best Bagels, Inc. (BB) currently has zero debt. Its earnings before interest and taxes (EBIT) are $100,000, and it is a zero gro
    13·1 answer
  • In the context of the disconfirmation paradigm, _____ are desired or anticipated product/service outcomes and include "pre-consu
    8·1 answer
  • The _____ is known as make-to-order. select one:
    9·1 answer
  • In evaluating companies across industries, financial managers will often read the _____ as a means of interpreting the statement
    10·1 answer
  • Consider the following data for a closed​ economy: Y​ = ​$12 trillion C​ = ​$8 trillion G​ = ​$2 trillion Spublic​ = ​$negative
    10·1 answer
  • Why do credit cards not want you to pay your balance in full? explain the costs associated with a credit card.
    11·1 answer
  • Anton needs to identify the eight different scoring statistics for all the players on his school’s basketball team. Which graphi
    8·2 answers
  • A production department's output for the most recent month consisted of 16,500 units completed and transferred to the next stage
    9·1 answer
  • Crest toothpaste has selected new moms as their target market. In the process of positioning their new product BabySafeToothpast
    10·1 answer
  • If the cross-price elasticity of two goods is negative, then the two goods are a. inferior goods. b. normal goods. c. complement
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!