On February 2nd of the Current Year, Bradley's Video Games

question 83

Essay

On February 2nd of the current year, Bradley's Video Games, Inc. reacquired 5,000 shares of its $10 par value common stock at $50 per share. On February 23rd, Bradley's Video Games, Inc. sold 1,000 of the reacquired shares at $65 per share. On February 27th, the remaining 4,000 shares were sold at $40 per share.
Required:
1. Prepare the journal entries necessary to record these transactions.
2. What is the balance in the treasury stock account on February 28th?

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Definitions:

Good Communication

The effective and clear exchange of information, ideas, or feelings between individuals or groups, which facilitates understanding and cooperation.

Suggestion Systems

Formal processes implemented within organizations to invite, evaluate, and implement recommendations from employees aimed at improving operations.

Upward Communication

The process of information flow from the lower levels of a hierarchy to the higher levels, primarily involving feedback, suggestions, complaints, or reports from employees to management.

Downward Communication

The flow of information and messages from higher levels of an organization's hierarchy to the lower levels.