Azalea Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On September 9

Question:

Azalea Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On September 9 of the current year, Azalea Gardens Inc. reacquired 12,000 shares of its at $89 per share. On October 31, 10,500 of the reacquired shares were sold at $92 per share, and on December 4, 900 of the reacquired shares were sold at $95.
a. Journalize the transactions of September 9, October 31, and December 4.
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
c. What is the balance in Treasury Stock on December 31 of the current year?
d. How will the balance in Treasury Stock be reported on the balance sheet?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...