On June 5, 2017, Lewiston, a tile manufacturer, repurchased 2,000 of its $0.75 par value common shares for $22.50 cash per share. On October 5, 2017, Lewiston reissues the 2,000 common shares for $40.50 cash per share.
a. What is the change in the treasury stock account on June 5, 2017?
b. On October 5, does Lewiston recognize a profit from the $18 per share increase in the stock's market value?
c. What is the change in the treasury stock account as a result of the October 5, 2017 transaction?
d. What is the change in the additional paid-in capital account as a result of the October 5, 2017 transaction?

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The Answer of On June 5, 2017, Lewiston, a tile manufacturer, repurchased 2,000 of its $0.75 par value common shares for $22.50 cash per share. On October 5, 2017, Lewiston reissues the 2,000 common shares for $40.50 cash per share.
a. What is the change in the treasury stock account on June 5, 2017?
b. On October 5, does Lewiston recognize a profit from the $18 per share increase in the stock's market value?
c. What is the change in the treasury stock account as a result of the October 5, 2017 transaction?
d. What is the change in the additional paid-in capital account as a result of the October 5, 2017 transaction?

On June 5, 2017, Lewiston, a Tile Manufacturer, Repurchased 2,000