Treasury Stock Transactions
Response to the following problem:
Provide the necessary journal entries to record the following:
a. Washington Corporation was granted a charter authorizing the issuance of 200,000 shares of $10 par-value common stock.
b. The company issued 50,000 shares of common stock at $15 per share.
c. The company reacquired 3,000 shares of its own stock at $19 per share, to be held in treasury.
d. Another 1,500 shares of stock were reacquired at $21 per share.
e. Of the shares reacquired in (c), 1,200 were reissued for $24 per share.
f. Of the shares reacquired in (d), all 1,500 were reissued for $16 per share.
g. Given the preceding transactions, what is the balance in the treasury stock account?