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A Company Reported the Following Stockholders' Equity on January 1

Question 164

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A company reported the following stockholders' equity on January 1 of the current year:
 Common stock, $10 par, 1,000,000 shares authorized, 400,000 shares  issued $4,000,000 Paid-in capital in excess of par, common 1,200,000 Retained earnings 1,600,000 Total stockholders’ equity $6,800,000\begin{array}{|l|r|}\hline\text { Common stock, } \$ 10 \text { par, } 1,000,000 \text { shares authorized, } 400,000 \text { shares } \\\text { issued } & \$ 4,000,000 \\\hline \text { Paid-in capital in excess of par, common } & 1,200,000 \\\hline \text { Retained earnings } & 1,600,000 \\\hline \text { Total stockholders' equity } & \$ 6,800,000 \\\hline\end{array}
Prepare journal entries for the following selected transactions related to this company's stock during the current year:
 Mar. I  Purchased 10,000 shares of treasury stock for $17 per share.  May 5  Sold 4,000 shares of treasury stock for $16 per share.  Oct. 12 Sold 2,000 shares of treasury stock for $18 per share. \begin{array} { | l | l | } \hline \text { Mar. I } & \text { Purchased } 10,000 \text { shares of treasury stock for } \$ 17 \text { per share. } \\\hline \text { May 5 } & \text { Sold 4,000 shares of treasury stock for } \$ 16 \text { per share. } \\\hline \text { Oct. } 12 & \text { Sold 2,000 shares of treasury stock for } \$ 18 \text { per share. } \\\hline\end{array}

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