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 13,500 shares of its common stock at $44 per share. On June 9, 8,500 of the reacquired shares were sold at $48 per share, and on November 13, 3,200 of the reacquired shares were sold at $47.

Question Content Area

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	CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
June 9	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPreferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockRetained Earnings	- Select -	- Select -
Nov. 13	CashCommon StockPaid-In Capital from Sale of Treasury StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPreferred StockRetained EarningsTreasury Stock	- Select -	- Select -
	CashCommon StockPaid-In Capital from Sale of Treasury StockPreferred StockRetained Earnings	- Select -	- Select -

Question Content Area

b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $fill in the blank 7f23a4083046012_1

CreditDebit

c. What is the balance in Treasury Stock on December 31 of the current year? $fill in the blank 7f23a4083046012_3

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d. How will the balance in Treasury Stock be reported on the balance sheet?

As a deduction from stockholders' equityAs a liabilityAs an addition to stockholders' equityAs an assetAs common stock in the stockholders' equity section