Answered step by step
Verified Expert Solution
Question
1 Approved Answer
At January 1, 2020, Betty DeRose, Inc. reported paid-in capital - treasury stock of $2,000 and retained earnings of $49,000. Betty DeRose, Inc. entered into
At January 1, 2020, Betty DeRose, Inc. reported paid-in capital - treasury stock of $2,000 and retained earnings of $49,000. Betty DeRose, Inc. entered into the following transactions during 2020: a. Re-acquired 5,000 shares of its $8 par value common stock by paying $18 per share. b. Re-issued 900 of the shares that were re-acquired in (a) for $20 per share. c. Re-issued 1,200 of the shares that were re-acquired in (a) for $14 per share. d. Re-issued 800 of the shares that were re-acquired in (a) for $21 per share. e. Re-issued 1,100 of the shares that were re-acquired in (a) for $17 per share.
Calculate the balance in the paid-in capital - treasury stock account after all five transactions above are recorded. Do not use decimals in your answer.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started