Acquisition and Retirement of Stock
Marci Company reported the following balances related to common stock as of December 31, 2007:
|
Common stock, $1 par, 100,000 shares issued and outstanding |
$ 100,000 |
|
Paid in capital in excess of par |
1,800,000 |
The company purchased and immediately retired 8,000 shares at $24 on August 1, 2008, and 15,000 shares at $17 on December 31, 2008. Make the entries to record the acquisition and retirement of the common stock. (Assume all shares were originally sold at the same price.)