C. Worthy Ships initially issued 300,000 shares of $1 par stock for $1,500,000 in 2018. In 2020, the company repurchased 30,000 shares for $300,000. In 2021, 15,000 of the repurchased shares were resold for $240,000. In its balance sheet dated December 31, 2021, C. Worthy's treasury stock account shows a balance of:

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The 2020 repurchase is accounted for with a debit to treasury stock for $300,000. When half of the treasury stock is resold, $150,000 is credited to treasury stock and $90,000 is credited to Paid-in capital-share repurchase. The balance in the treasury stock account is $150,000 ($300,000 - $150,000).

C Worthy Ships Initially Issued 300,000 Shares of $1 Par