Problem 152 Wildhoree Company had the tallowing stockholdars

Problem 15-2 Wildhoree Company had the tallowing stockholdars equity as af January 1, 2017 Common stock, $par $92,000 303,000 319,000 6713,000 value, 18,400 shares issued Paid-in capital in excess of par- Retained earnings Total stockholders equity During 2017, the following transections cccurred Feb. Wildharse repurchased 2,100 shares of treasury stock at a price of $1 per share. Mar. 1 880 shares of treasury tock repurchased above were reissued at $15 per share. Mar. 18 480 shares of treaury sock ropurchased above ware reissued at $14 per share. Apr. 22 610 shares of treasury stock repurchased above were ressucd at $20 per share. Prepare the journal entries to record the treaaury stock transactions in 2017, aszuming Wldhorse uses the ccat mcthed. (Gredit account titles are automatically indented when anount is entered. Do not indent manually. If no entry is required, select \"No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar.1 Mar, 18

Solution

Retained earnings = $318000 - $1760 - $1440 + $135000 = $449800

Date	Account Titles and Explanation	Debit	Credit
Feb. 1	Treasury stock (2100 x $17)	35700
	Cash		35700
	(To record purchase of treasury stock)
Mar. 1	Cash (880 x $15)	13200
	Retained earnings	1760
	Treasury stock (880 x $17)		14960
	(To record reissue of treasury stock)
Mar. 18	Cash (480 x $14)	6720
	Retained earnings	1440
	Treasury stock (480 x $17)		8160
	(To record reissue of treasury stock)
Apr. 22	Cash (610 x $20)	12200
	Treasury stock (610 x $17)		10370
	Paid-in capital-Treasury stock (610 x $3)		1830
	(To record reissue of treasury stock)