Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Treasury stock transactions Spray Co Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, Spray
Treasury stock transactions Spray Co Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, Spray Co reacquired 14,200 shares of its common stock at $36 per share. On June 9, 8,900 of the reacquired shares were sold at $39 per share, and on November 13, 3,400 of the reacquired shares were sold at $41. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. $ Mar. 9 Treasury Stock Cash June 9 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 13 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Credit 511,200 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? 320,400 Debit 511,200 c. What is the balance in Treasury Stock on December 31 of the current year?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started