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Hi i need help with this accounting problem. Discount Center Furniture, Inc, completed the following treasury stock transactions in 2018: Requirement 1. Journalize these transactions.
Hi i need help with this accounting problem.
Discount Center Furniture, Inc, completed the following treasury stock transactions in 2018: Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1.700 shares of the company's $1 par value common stock as treasury stock, paying cash of $1 per share Date Accounts Debit Credit More Info Dec, 1 Dec. 1 Dcc. 15 Purchased 1,700 shares of the company's $1 par value common stock as treasury stock, paying cash of S4 per share. Sold 400 shares of the treasury stock for cash of S7 per share. Sold 1.200 shares of the treasury stock for cash of $2 per share. Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,000. Dec, 20 Dec. 15: Sold 400 shares of the treasury stock for cash of 57 per share. Date Accounts Debit Credit Dec. 15 Print Done Dec. 20: Sold 1,200 shares of the treasury stock for cash of $2 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2.000. Date Accounts Debit Credit Dec. 20 Requirement 2. How will Discount Center Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Discount Center Furniture, Inc. will report treasury stock on the balance sheet as to total stockholders' equityStep by Step Solution
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