On February 1,2015,United Delivery Services reports Common Stock of $1 million,Paid-in Capital in Excess of Par--Common of $9 million and Retained Earnings of $10 million.On February 2,2015,United Delivery Services reacquired 10,000 shares of its $10 par value common stock at $50 per share.On February 23,United Delivery Services sold 1,000 of the reacquired shares at $65 per share.On February 27,the remaining 9,000 shares were sold at $40 per share.
Required:
1.Prepare the journal entries necessary to record these transactions.Omit explanations.

Question

Quizplus · Accepted Answer

The Answer of On February 1,2015,United Delivery Services reports Common Stock of $1 million,Paid-in Capital in Excess of Par--Common of $9 million and Retained Earnings of $10 million.On February 2,2015,United Delivery Services reacquired 10,000 shares of its $10 par value common stock at $50 per share.On February 23,United Delivery Services sold 1,000 of the reacquired shares at $65 per share.On February 27,the remaining 9,000 shares were sold at $40 per share.
Required:
1.Prepare the journal entries necessary to record these transactions.Omit explanations.

On February 1,2015,United Delivery Services Reports Common Stock of $1