On January 10, a Corporation Purchased 5,000 of Its Own

question 97

Essay

On January 10, a corporation purchased 5,000 of its own ordinary shares at $17.50 per share. On August 4, a total of 1,000 treasury shares were sold at $19.00 per share. These are the only treasury share transactions ever made by the corporation. Prepare the journal entries required on January 10 and August 4.

---

Definitions:

Peak Experiences

Moments of maximum psychological functioning, where individuals feel a sense of euphoria and deep fulfillment.

Humanist Movement

A philosophical and ethical stance that emphasizes the value and agency of human beings, individually and collectively.

Carl Rogers

An influential American psychologist who founded the humanistic approach to psychology, emphasizing the importance of the self and the individual's potential for growth.

Psychology

The discipline concerned with behavior and mental processes and how they are affected by an organism’s physical state, mental state, and external environment; the term is often represented by Ψ, the Greek letter psi (usually pronounced “sy”).