25 On January 3 Pippin Corporation purchased 1900 shares of

25. On January 3, Pippin Corporation purchased 1,900 shares of the company\'s $7 par value common stock as treasury stock, paying cash of $8 per share. On January 30, Pippin sold 1,300 shares of the treasury stock for cash of $15 per share. Journalize these transactions.

Solution

3-Jan Treasury Stock 15200 =1900*8         Cash 15200 30-Jan Cash 19500 =1300*15      Treasury Stock 10400 =1300*8       Paid-In Capital from Treasury Stock 9100