Treasury Stock, No Par
Response to the following :
The following information is taken from the accounting records of the Propst-Steele Production Corporation:
1. Issued 5,000 shares of no-par common stock at $15 per share.
2. Issued an additional 5,000 shares of no-par common stock at $17 per share.
3. Reacquired 500 shares of its no-par common stock at a cost of $12.50 per share.
4. Reissued 200 of its treasury shares at $14 per share.
5. Reissued the remaining treasury shares at $11 per share.
Required
Prepare journal entries to account for the preceding stock transactions of the Propst-Steele Production Corporation assuming it uses the cost method for treasury stock.