In 2016,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.

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The Answer of In 2016,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.

In 2016,Southwestern Corporation Completed the Treasury Stock Transactions Listed Below