Question
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 19,500 shares of
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 19,500 shares of its common stock at $22 per share. On June 9, 13,400 of the reacquired shares were sold at $24 per share, and on November 13, 5,000 of the reacquired shares were sold at $23.
Required:
| a. Journalize the transactions of March 9, June 9, and November 13. | |
| b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? | |
| c. What is the balance in Treasury Stock on December 31 of the current year? | |
| d. How will the balance in Treasury Stock be reported on the balance sheet? |
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Financial Accounting An Introduction to Concepts, Methods and Uses
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
14th edition
978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023
