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5 June, 10:06

Concord Inc. has outstanding 13,100 shares of $10 par value common stock. On July 1, 2020, Concord reacquired 114 shares at $89 per share. On September 1, Concord reissued 61 shares at $94 per share. On November 1, Concord reissued 53 shares at $85 per share. Prepare Sprinkle.

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  1. 5 June, 10:15
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    There convincing indications in the questions that suggest that the requirement is to prepare journal to record the transactions.

    Find all the journal entries in the explanation section below

    Explanation:

    The re-acquisition of 114 shares on July 1,2020, gave rise to the below journal

    Dr treasury stock (114*$89) $10146

    Cr Cash $10146

    Being payment made for stocks reacquired

    The issuance of 61 shares at the price of $94 each gave rise to the below journal:

    Dr Cash $5734

    Cr Treasury stock ($89*61) $5429

    Cr paid-in capital $305

    Being receipt of cash on shares issued

    The issuance of additional shares on November 1,2020, gave rise to below journal:

    Dr Cash (53*$85) $4505

    Dr Paid-in capital ($89-$85) * 53 $212

    Treasury stock $4717

    Being receipt of cash on shares issued
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