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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 4
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 62,000 shares of its common stock at $51 per share. On June 9, 48,000 of the reacquired shares were sold at $60 per share, and on November 13, 7,500 of the reacquired shares were sold at $54.
A. Journalize the transactions of March 9, June 9, and November 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?
SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 62,000 shares of its common stock at $51 per share. On June 9, 48,000 of the reacquired shares were sold at $60 per share, and on November 13, 7,500 of the reacquired shares were sold at $54.
A. Journalize the transactions of March 9, June 9, and November 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?
Explanation
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Treasury Stock are initially issued and ...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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