Accounting for the purchase and sale of treasury stock This problem continues the Draper Consulting, Inc., In October, Draper has the following transactions related to its common shares:
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Oct 1 |
Draper repurchased 200 of its common shares for $50 per share. |
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Oct 10 |
Draper reissued 90 of its treasury common shares for $65 per share. |
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Oct 20 |
Draper reissued 100 of its treasury common shares for $60 per share. |
Requirements
1. Journalize the entry related to the transactions.
2. Calculate the balance in the T accounts affected by the transactions.