Treasury Stock Transactions 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 50,000 shares of its common stock at $51 per share. On June 14, 24,000 of the reacquired shares were sold at $60 per share, and on November 23, 18,000 of the reacquired shares were sold at $56. a. Journalize the transactions of January 31, June 14, and November 23. For a compound transaction, If an amount box does not require an entry, leave It blank. Jan 31 June. 14 Nov. 23 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? eBook Calculator Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations: Journalize the entries to record the transactions a. Issued 100,000 shares of stock at par to Paul Glenn for cash. b. (1)Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided corporation, and (2) issued 45,000 shares of stock at par to Michele Kirby for cash. in connection with the organization of the c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $180,000 for 20 years at 6%, and there is accrued interest or $5,200 on the mortgage note at the time of the purchase. It is ageed that the land is to be priced at s6o,000 and the building at s225,000 and that Gretchen Northway's equity will be exchanged for stock at par and the accrued interest. The corporation agreed to assume responsibility for paying the mortgage note For a compound transaction, if an amount box does not require an entry, leave it biank. Previous Next Check My Work 3 more Check My Work uses remaining