On January 10,Clampett Corporation purchased 5,000 shares of its own common shares at $78 per share (to be held as treasury shares).On August 4,1,000 of the treasury shares were sold at $80 per share.No other treasury share transactions have been made by the corporation.
Prepare the journal entries to record the January 10 purchase and the August 4 sale.

Question

Quizplus · Accepted Answer

The Answer of On January 10,Clampett Corporation purchased 5,000 shares of its own common shares at $78 per share (to be held as treasury shares).On August 4,1,000 of the treasury shares were sold at $80 per share.No other treasury share transactions have been made by the corporation.
Prepare the journal entries to record the January 10 purchase and the August 4 sale.

On January 10,Clampett Corporation Purchased 5,000 Shares of Its Own