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Joshua Corporation _Treasury stock_purchase and sale

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Question;On January 1, 2012, the;stockholders? equity section of Joshua Corporation shows: Common stock ($7 par;value) $2,100,000, paid-in capital in excess of par $1,062,100, and retained;earnings $1,209,400. During the year, the following treasury stock transactions;occurred.;Mar. 1;Purchased 50,000 shares for cash at $15 per share.;July 1;Sold 11,600 treasury shares for cash at $17 per share.;Sept.;1 Sold 10,470 treasury shares for cash at $14 per share.;(a);Journalize the treasury stock transactions. (Credit account titles are;automatically indented when amount is entered. Do not indent manually.);(b) Restate the entry for September 1, assuming;the treasury shares were sold at $12 per share. (Credit account titles are;automatically indented when amount is entered. Do not indent manually.)

 

Paper#37295 | Written in 18-Jul-2015

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