Question
Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired
Treasury Stock Transactions
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 11,500 shares of its common stock at $28 per share. On June 9, 7,200 of the reacquired shares were sold at $30 per share, and on November 13, 2,800 of the reacquired shares were sold at $32.
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 | |||
| June 9 | |||
| Nov. 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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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
15th edition
978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290
