Question 2: On January 1, 2021, the following stockholders' equity of Seef Inc. was as follows: Common stock. ($10 par v

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Question 2 On January 1 2021 The Following Stockholders Equity Of Seef Inc Was As Follows Common Stock 10 Par V 1 (45.94 KiB) Viewed 28 times

Question 2: On January 1, 2021, the following stockholders' equity of Seef Inc. was as follows: Common stock. ($10 par value) $400,000, Paid-in (contributed) capital excess of par value $200,000, and retained earnings $150,000. During the year, the following treasury stock transactions occurred. Mar 5: Purchased 5,000 shares of treasury stock for cash $14 per share. April 25: Sold 2,000 shares of treasury stock for cash $15 per share. June 25: Sold 3,000 shares of treasury stock for $11 per share. Required: Prepare joumal entries to record the above treasury stock transactions. CLEARLY INDICATE THE DEBITS AND CREDITS Example: XYZ Company pays $10,000 cash to purchase land Answer: Dr. Land 10,000 Cr. Cash 10,000