The Stockholders' Equity section of Stallion Tack Shack balance sheet on January 1,2017,appeared as follows:$$\begin{array} { l r }
\text { Common stock, } \$ 5 \text { par, } 30,000 \text { shares issued and outstanding } & \$ 150,000 \
\text { Additional paid-in capital-common } & 120,000 \
\text { Retained earnings } & 300,000 \
\text { Total stockholders' equity } & \$ 570,000
\end{array}$$
On March 1,2017,Stallion reacquired 3,000 shares of common stock at $8 per share.Answer the following questions:
A) What amount would be reported on the March 31,2017 , bal ance sheet for treasury stock?

Question

The Stockholders' Equity section of Stallion Tack Shack balance sheet on January 1,2017,appeared as follows:$$\begin{array} { l r } 
\text { Common stock, } \$ 5 \text { par, } 30,000 \text { shares issued and outstanding } & \$ 150,000 \
\text { Additional paid-in capital-common } & 120,000 \
\text { Retained earnings } & 300,000 \
\text { Total stockholders' equity } & \$ 570,000
\end{array}$$ 
On March 1,2017,Stallion reacquired 3,000 shares of common stock at $8 per share.Answer the following questions:
 A) What amount would be reported on the March 31,2017 , bal ance sheet for treasury stock?

Quizplus · Accepted Answer

The Answer of The Stockholders' Equity section of Stallion Tack Shack balance sheet on January 1,2017,appeared as follows:$$\begin{array} { l r } 
\text { Common stock, } \$ 5 \text { par, } 30,000 \text { shares issued and outstanding } & \$ 150,000 \
\text { Additional paid-in capital-common } & 120,000 \
\text { Retained earnings } & 300,000 \
\text { Total stockholders' equity } & \$ 570,000
\end{array}$$ 
On March 1,2017,Stallion reacquired 3,000 shares of common stock at $8 per share.Answer the following questions:
 A) What amount would be reported on the March 31,2017 , bal ance sheet for treasury stock?

The Stockholders' Equity Section of Stallion Tack Shack Balance Sheet