urrent Attempt in Progress Sheridan Company purchased from its stockholders 5,900 shares of its own previously issued st

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Urrent Attempt In Progress Sheridan Company Purchased From Its Stockholders 5 900 Shares Of Its Own Previously Issued St 1 (50.81 KiB) Viewed 42 times

urrent Attempt in Progress Sheridan Company purchased from its stockholders 5,900 shares of its own previously issued stock for $283,200. It later resold 1,900 shares for $51 per share, then 1,900 more shares for $46 per share, and finally 2,100 shares for $40 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Treasury Stock Cash (To record purchase from stockholders.) Cash Treasury Stock Paid-in Capital from Treasury Stock (To record sales of shares at $51 per share.) Cash Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $46 per share.) Cash Paid-in Capital from Treasury Stock Retained Earnings Treasury Stock (To record sale of shares at $40 per share.) Debit 283,200 96,900 87,400 84,000 Credit 283,200 000000