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Brandon Corporation_Treasury stock transactions

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Question;Brandon Corporation had the following stockholders? equity accounts on January 1, 2012: Common Stock ($5 par) $510,700, Paid-in Capital in Excess of Par-Common Stock $175,360, and Retained Earnings $114,880. In 2012, the company had the following treasury stock transactions.Mar. 1 Purchased 6,930 shares at $8 per share.June 1 Sold 1,040 shares at $12 per share.Sept. 1 Sold 1,720 shares at $10 per share.Dec. 1 Sold 1,440 shares at $7 per share.Brandon Corporation uses the cost method of accounting for treasury stock. In 2012, the company reported net income of $27,140.Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2012, for net income.

 

Paper#37307 | Written in 18-Jul-2015

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