On january 31, wilderness resorts inc. reacquired 22,500 shares of its common stock at $31 per share. on april 20, wilderness resorts sold 12,800 of the reacquired shares at $40 per share. on october 4, wilderness resorts sold the remaining shares at $28 per share. journalize the transactions of january 31, april 20, and october 4.

Explanation:

The journal entries are shown below:

1. Treasury shares A/c Dr $697,500   (22,500 shares × $31 per share)

               To Cash A/c $697,500

(Being treasury shares are purchased for cash)

2. Cash A/c Dr $512,000              (12,800 shares × $40 per share)

            To Treasury shares A/c $396,800     (12,800 shares × $31 per share)

            To Additional paid in capital A/c $115,200 (12,800 shares × $31 per share)

(Being the shares are sold)

3. Cash A/c Dr $271,600       (9,700 shares × $28 per share)

    Additional paid in capital A/c Dr $29,100    (9,700 shares × $3 per share)

                     To Treasury shares A/c $300,700  (9,700 shares × $31 per share)

(Being the remaining shares sold is recorded)

The remaining shares would be

= 22,500 shares - 12,800 shares

= 9,700 shares

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