Accounting for the purchase and sale of treasury stock
This problem continues the Draper Consulting, Inc., situation from Problem 12-45 of Chapter 12. In October, Draper has the following transactions related to its common shares:
| Oct | 1 | Draper repurchased 200 of its common shares for $50 per share. |
| Oct | 10 | Draper reissued 90 of its treasury common shares for $65 per share. |
| Oct | 20 | Draper reissued 100 of its treasury common shares for $60 per share. |
Requirements
1. Journalize the entry related to the transactions.
2. Calculate the balance in the T-accounts affected by the transactions.
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