Problem - Riverbed Company had the following stockholders equity as of January 1, 2017.
Common stock, $5 par value, 20,200 shares issued $101,000
Paid-in capital in excess of par-common stock 303 000
Retained earnings 319,000
Total stockholders' equity $723,000
During 2017, the following transactions occurred.
Feb. 1 Riverbed repurchased 2,060 shares of treasury stock at a price of $18 per share.
Mar. 1 720 shares of treasury stock repurchased above were reissued at $16 per share.
Mar. 18 490 shares of treasury stock repurchased above were reissued at $15 per share.
Apr. 22 650 shares of treasury stock repurchased above were reissued at $20 per share.
(a) Prepare the journal entries to record the treasury stock transactions in 2017, assuming Riverbed uses the cost method.