In 2013, Southwestern Corporation completed the treasury stock transactions listed below.

February 2: Reacquired 70,000 shares at $12.
March 17: Sold 20,000 shares at $14.
May 17: Sold 25,000 shares at $8.

Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.

Required:

Prepare the journal entries to record the above transactions using the cost method.

Journal entries

Explanation:

On Feb 2

Treasury Stock Dr $840,000           (70,000 shares × $12)

        To Cash $840,000

(Being the required shares is recorded)

On March 12

Cash Dr $280,000                     (20,000 shares × $14)

      To Treasury Stock $240,000     (20,000 shares × $12)

      To Additional Paid-In Capital $40,000

(Being the sale of shares is recorded)

On March 17

Cash $200,000                 (25,000 shares × $8)

Discount on Capital Dr $100,000

         To Treasury stock $300,000                  (25,000 shares × $12)

(Being the sale of shares is recorded)

Only these above entries are passed

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