Problem 15-2 (Part Level Submission) Whispering Company had the following stockh
ID: 2431724 • Letter: P
Question
Problem 15-2 (Part Level Submission) Whispering Company had the following stockholders' equity as of January 1, 2017 Common stock, $5 par value, 18,800 shares issued Paid-in capital in excess of par-common stock Retained earnings $94,000 301,000 322,000 $717,000 Total stockholders' equity During 2017, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18 Apr. 22 Whispering repurchased 1,860 shares of treasury stock at a price of $17 per share 790 shares of treasury stock repurchased above were reissued at $15 per share 450 shares of treasury stock repurchased above were reissued at $13 per share 520 shares of treasury stock repurchased above were reissued at $18 per share Prepare the journal entries to record the treasury stock transactions in 2017, assuming Whispering uses the cost method. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 Mar. 18Explanation / Answer
Date
General Journal
Debit
Credit
Feb 1
Treasury Stock ($17 x 1860
31620
Cash
31620
March 1
Cash($15 x 790)
11850
Retained Earnings($2 x 790)
1580
Treasury Stock ($17 x 790)
13430
March 18
Cash($13 x 450)
5850
Retained Earnings($4 x 450)
1800
Treasury Stock ($17 x 450)
7650
April 22
Cash($18 x 520)
9360
Treasury Stock($17 x 520)
8840
Paid in capital from Treasury Stock
520
Date
General Journal
Debit
Credit
Feb 1
Treasury Stock ($17 x 1860
31620
Cash
31620
March 1
Cash($15 x 790)
11850
Retained Earnings($2 x 790)
1580
Treasury Stock ($17 x 790)
13430
March 18
Cash($13 x 450)
5850
Retained Earnings($4 x 450)
1800
Treasury Stock ($17 x 450)
7650
April 22
Cash($18 x 520)
9360
Treasury Stock($17 x 520)
8840
Paid in capital from Treasury Stock
520