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Talented Marketing Corporation reported the following stockholders' equity at December 31 (adapted and in millions): (Click the icon to view the data.) During the next
Talented Marketing Corporation reported the following stockholders' equity at December 31 (adapted and in millions): (Click the icon to view the data.) During the next year, Talented purchased treasury stock at a cost of $30 million and resold treasury stock for $11 million (this treasury stock had cost the company $4 million). Read the requirements. --- - - - - First, record the purchase of the treasury stock. Requirements Journal Entry Date Accounts Debit Credit Millions 1. Record the purchase and resale of Talented's treasury stock. 2. Overall, how much did stockholders' equity increase or decrease from the two transactions? Print Done Next, record the resale of the treasury stock. Data Table Journal Entry Date Accounts Debit Credit Millions Common stock. .................. $ 275 Additional paid-in capital ..... Retained earnings Treasury stock. .... 253 2,190 (601) 2,117 Total stockholders' equity ....... Requirement 2. Overall, how much did stockholders' equity increase or decrease from the two transactions? Overall stockholders' equity L b y $ million. Print [ Done Print Done
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