Essay
On January 1, 2014, the equity section of Lopez Corporation shows: Share capital-ordinary ($5 par value) $1,500,000; share premium-ordinary $1,000,000; and retained earnings $1,200,000. During the year, the following treasury share transactions occurred.
Mar. 1 Purchased 30,000 shares for cash at $14 per share.
July 1 Sold 6,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 5,000 treasury shares for cash at $13 per share.
Instructions
(a) Journalize the treasury share transactions.
(b) Restate the entry for September 1, assuming the treasury shares were sold at $10 per share.
Correct Answer:
Verified
Correct Answer:
Verified
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