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2. On January 10, 2019, General Design Services purchased treasury stock at a cost of $29 million. On July 3, 2019, General resold some
2. On January 10, 2019, General Design Services purchased treasury stock at a cost of $29 million. On July 3, 2019, General resold some of the treasury stock for $10 million; this resold treasury stock had cost the company $5 million. Record the purchase and resale of General's treasury stock. Overall, how much did stockholders' equity increase or decrease as a result of the two treasury-stock transactions? Record the purchase and resale of General's treasury stock. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the problem statement.) First, record the purchase of the treasury stock. Date Jan 10 (1) (2) (3) (4) Journal Entry Accounts Next, record the resale of the treasury stock. Date Jul 3 (5) (6) (7) Debit Credit Millions Journal Entry Accounts Debit Credit Millions (8) Overall, how much did stockholders' equity increase or decrease as a result of the two treasury-stock transactions?
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