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On January 10, 2016, Gifted Marketing purchased treasury stock at a cost of S30 million. On July 3, 2016, Gifted Marketing resold some of the
On January 10, 2016, Gifted Marketing purchased treasury stock at a cost of S30 million. On July 3, 2016, Gifted Marketing resold some of the treasury stock for $11 million; this resold treasury stock had cost Gifted Marketing $5 million. Record the purchase and resale of Gifted Marketing'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 Gifted Marketing'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
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