Barack Obama Company has the following stockholders’ equity accounts at December 31, Year 7: Common stock ($100 par valu

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Barack Obama Company has the following stockholders’ equity
accounts at December 31, Year 7:
Common stock ($100 par value)

$480,000
Retained earnings

294,000
Instructions:
Prepare journal entries to record the following transactions,
which took place in Year 8:
A. 280 shares of outstanding stock were purchased at $97 per
share; these shares are to be
accounted for using the cost method;
B. A $20 per share cash dividend was declared;
C. The dividend declared in #2 above was paid;
D. The treasury stock purchased in #1 above was reissued at $102
per share;
E. 500 shares of outstanding stock were purchased at $105 per
share;
F. 350 of the shares purchased in #5 above were reissued at $96
per share.