On February 3, 2017, Bombard Corporation acquired 4,000 shares of its own $1 par value common stock for $30 per share. On May 24, 2017, 1,500 shares of the treasury stock were sold for $35 per share
Required:
Prepare the journal entries to record the purchase and sale of the treasury stock. Omit explanations.
Date Account Debit Credit
Feb. 3 Treasury Stock (4,000 × $30 ) 120,000
Cash 120,000
May 24 Cash (1,500 × $35 ) 52,500
Treasury Stock (1,500 × $30 ) 45,000
Paid-in Capital from Treasury Stock Transactions 7,500
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