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Edge Company has 500,000 shares of no par common stock with a stated value of $8 per share issued and outstanding as of January 1,
Edge Company has 500,000 shares of no par common stock with a stated value of $8 per share issued and outstanding as of January 1, originally issued for $14 per share. During year 8, Edge Company had the following transactions involving its own stock:
- On March 6, acquired 12,000 shares of treasury stock at a cost of $12 per share
- On April 18, resold 4,000 shares of treasury stock at $15 per share.
- On June 11, resold an additional 2,000 shares of treasury stock at $18 per share
If Edge uses the cost method of accounting for treasury stock, what will be the balance in additional paid in capital from treasury stock as a result of these transactions?
Need journal entry please, thanks!
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