On August 1, 2019, Ace Corporation repurchases 1,000 shares…
On August 1, 2019, Ace Corporation repurchases 1,000 shares of its outstanding common stock for $15 per share. The stock has a par value of $10 per share. On October 1, 2019, Ace sells 500 shares of treasury stock for $18 per share, and on December 15, 2019, Ace sells 400 shares of treasury stock for $11 per share. The journal entry to record the transaction on October 1 would include:
Read DetailsAspen Corporation has issued 10,000 shares of $5 par value c…
Aspen Corporation has issued 10,000 shares of $5 par value common stock, 9,500 shares are outstanding. On November 15, 2019, Aspen’s board of directors declares a cash dividend of $2.00 per share payable on December 15, 2019, to stockholders of record on December 1, 2019. The journal entry necessary on December 1 would include:
Read Details