Week 6: 11-2A
A.
Mar 1|Treasury Stock $35,000| Cash |$35,000 (To record purchase of 5000 shares sold at $7 per share)
Jun 1|Cash $10,000| Treasury Stock |$7,000 Paid in capital from treasury stock |$3,000 (To record sale of 1000 shares of treasury stock above cost)
Sept1|Cash $18,000| Treasury Stock |$14,000 Paid in capital from treasury stock |$4,000 (To record sale of treasury stock above cost)
Dec 1|Cash $5,000 | Paid in capital from treasury stock $2,000 | Treasury Stock |$7,000 (To record sale of treasury stock below cost)
B.
Paid in capital from treasury stock Treasury Stock Retained Earnings
Dec 1: 2000 June 1: 3000 Mar 1: 35000 June 1: 7000 June 1: 100,000 Sept 1: 4000 Sept 1: 14000 Dec 31: 60000 Dec31 Bal 5000 Dec 1: 7000 Dec 31 Bal 160,000 Dec 31 Bal 7000

C.
Greeve Corporation
Balance Sheet (Partial)
Stockholder's Equity Paid In Capital Common Stock ($1 par value) $400,000 Paid-in capital excess of par value 500,000 Paid-in capital from treasury stock 5000 Retained Earnings 160,000 Total paid in capital and retained earnings 1,065,000 Less Treasury Stock (1000 shares) (7000) Total Stockholder's Equity $1,058,000
12-5A
A.
Jan 20|Cash $54,400| Gain on sale of stock |$2,400 Investment in Abel Corp common stock |$52,000
Jan 28|Investment in Rosen Corp common stock $31,680| Cash |$31,680
Jan 30|Cash (1.15 *1400) $1,610 | Dividend Revenue |$1,610 (To record receipt of cash