Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20. Required: the transactions of January 31, June 14, and November 23. Refer to the Chart of Accounts for exact wording of account titles. What is the balance in Paid in Capital from Sale of Treasury Stock on December 31 of the current year? What is the balance in Treasury Stock on December 31 of the current year? How will the balance in Treasury Stock be reported on the balance sheet? Final Questions B. What is the balance in Pain Cost from Sale of Treasury Stock on December 31 of the current year? Debit C. What is the balance in Treasury Stock on December 31 of the current year? Credit D. How will the balance in Treasury Stock be reported on the balance sheet? Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $58,000, four-year, 10% installment note from Campbell Bank. The note requires annual payments of $18,297, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease in Notes Payable column either up or down to ensure that the carrying Amount zeroes out. Interest Expense (101 of 1 Note Carrying Note Payment (Cash Paid) January 1 Carrying Amount December December 31 Carrying Year 4 b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down to ensure that debits equal credits of would be reported on the income statement
