Agler Corporation\'s balance sheet reported the following: The following transac

Question

Agler Corporation's balance sheet reported the following:

The following transactions occurred this year:

Prepare the journal entry for these transactions under the cost method of accounting for treasury stock. (Credit account titles 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.)

No.

Account Titles and Explanation

Debit

Credit

(a)

(b)

(c)

Capital stock outstanding, 5,000 shares, par $30 per share $150,000 Paid-in capital in excess of par 77,100 Retained earnings 107,800

Explanation / Answer

a Treasury stock 13200          Cash 13200 b Cash 10050       Treasury stock 9000       Paid in capital from Treasury stock 1050 c Cash 3640 Paid in capital from Treasury stock 560       Treasury stock 4200

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